Bitcoin’s mining difficulty, the measure of how difficult it is to find a new block and add it to the blockchain, is set to increase significantly on Jan. 15, 2023, according to current estimates. At the time of writing, Bitcoin’s mining difficulty appears to be on track for a 10% increase, rising from 34.09 trillion to an all-time high of 37.57 trillion.
The leading cryptocurrency network, Bitcoin (BTC), is set to experience a record-setting difficulty increase in three days, on or around Jan. 15, 2023. At the time of writing, the network’s hash rate is at 268.79 exahash per second (EH/s) and the blockchain’s computational power reached an all-time high on Jan. 6, 2023. On that day, at block height 770,709, the network’s hash power reached 361.20 EH/s.
Bitcoin block times, also known as block intervals, have been between 8 minutes, 52 seconds, and 9 minutes, 6 seconds in length. The block interval is the average amount of time it takes for a new block to be added to the blockchain, and the network’s difficulty is designed to keep the block time around 10 minutes per block.
The actual time between blocks can vary from this average, and since the last difficulty change on Jan. 2, 2023, at block height 770,112, block intervals have been faster. For this reason, the difficulty retarget on Jan. 15 will be a notable increase, and a rise that has not been recorded since October 2022.
At the time of writing, and up until the next difficulty change, BTC’s network difficulty is approximately 34.09 trillion. This means that, on average, it takes 34 trillion hashes (or attempts) to find a valid BTC block and add it to the blockchain. Currently, analytics sites detail that Bitcoin’s next difficulty change is expected to rise by 10.1% to 10.21% in three days.
At the highest estimate, the difficulty would reach an all-time high of 37.57 trillion, and bitcoin miners would need to exert 37.57 trillion hashes to find a block on the Bitcoin blockchain. Presently, Foundry USA is the top mining pool during the last three days, with 29.57% of the global hashrate. Foundry is followed by Antpool (19.36%), F2pool (16.38%), Binance Pool (8.72%), Viabtc (8.30%), and Braiins Pool (3.40%), respectively. Between Foundry and Antpool, the two pools currently command 48.93% of the network’s total hashrate.
What do you think about Bitcoin’s upcoming mining difficulty change? Share your thoughts and predictions in the comments below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Bitcoin’s mining difficulty, the measure of how difficult it is to find a new block and add it to the blockchain, is set to increase significantly on Jan. 15, 2023, according to current estimates. At the time of writing, Bitcoin’s mining difficulty appears to be on track for a 10% increase, rising from 34.09 trillion to an all-time high of 37.57 trillion.
The leading cryptocurrency network, Bitcoin (BTC), is set to experience a record-setting difficulty increase in three days, on or around Jan. 15, 2023. At the time of writing, the network’s hash rate is at 268.79 exahash per second (EH/s) and the blockchain’s computational power reached an all-time high on Jan. 6, 2023. On that day, at block height 770,709, the network’s hash power reached 361.20 EH/s.
Bitcoin block times, also known as block intervals, have been between 8 minutes, 52 seconds, and 9 minutes, 6 seconds in length. The block interval is the average amount of time it takes for a new block to be added to the blockchain, and the network’s difficulty is designed to keep the block time around 10 minutes per block.
The actual time between blocks can vary from this average, and since the last difficulty change on Jan. 2, 2023, at block height 770,112, block intervals have been faster. For this reason, the difficulty retarget on Jan. 15 will be a notable increase, and a rise that has not been recorded since October 2022.
At the time of writing, and up until the next difficulty change, BTC’s network difficulty is approximately 34.09 trillion. This means that, on average, it takes 34 trillion hashes (or attempts) to find a valid BTC block and add it to the blockchain. Currently, analytics sites detail that Bitcoin’s next difficulty change is expected to rise by 10.1% to 10.21% in three days.
At the highest estimate, the difficulty would reach an all-time high of 37.57 trillion, and bitcoin miners would need to exert 37.57 trillion hashes to find a block on the Bitcoin blockchain. Presently, Foundry USA is the top mining pool during the last three days, with 29.57% of the global hashrate. Foundry is followed by Antpool (19.36%), F2pool (16.38%), Binance Pool (8.72%), Viabtc (8.30%), and Braiins Pool (3.40%), respectively. Between Foundry and Antpool, the two pools currently command 48.93% of the network’s total hashrate.
What do you think about Bitcoin’s upcoming mining difficulty change? Share your thoughts and predictions in the comments below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.
Avalanche was one of Thursday’s big gainers, as the token rose by as much as 22% in today’s session. The move came as inflation in the United States fell to 6.5% as markets were expecting. Polkadot was another notable mover, with prices climbing close to a four-week high.
Avalanche (AVAX) rose by as much as 22% in today’s session, as cryptocurrencies reacted to the latest U.S. inflation report.
AVAX/USD moved to a peak of $16.11 earlier in the day, which comes less than 24 hours after falling to a bottom of $12.41.
Thursday’s spike in price pushed avalanche to its highest point since November 8, when price was at a peak of $18.15.
Looking at the chart, earlier gains have somewhat eased, with AVAX now trading at $15.18.
This came as the 14-day relative strength index (RSI) failed to break out from a resistance at the 80.00 level.
As of writing, the index is now tracking at 69.94, which is still deep in overbought territory.
Polkadot (DOT), was another big gainer in today’s session, with prices moving closer towards a four-week high.
Following a low of $4.84, DOT/USD managed to reach an intraday high of $5.16 earlier on Thursday.
As a result of this move, DOT broke out of a key resistance level of $5.15, hitting its strongest point since December 16 in the process.
As can be seen from the chart, the 14-day RSI has failed to move beyond its long-term ceiling of 68.00, and has since slipped lower.
Price strength is now tracking at 63.10, with DOT declining from its earlier peak, and the asset is trading at $5.09.
In order for the token to continue to move higher, there will first need to be a rally above its 68.00 point on the RSI.
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Will we see a reversal in polkadot now that price is overbought? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons, David Esser / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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