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Bitcoin’s mining difficulty target is set to increase on December 19, 2022, after printing the biggest reduction in 2022 on December 5, at a block height of 766,080. Over the past 2,016 blocks, the hashrate was around 254.3 exahash per second (EH/s), and block intervals were faster at 9:41 minutes per block.
Bitcoin Difficulty Set to Rise 3% on Dec 19, Average Bitcoin Mining Costs Above Current Spot Market Value
In about 24 hours, the Bitcoin network will experience another difficult transition, and this time it is estimated to increase. The increase is estimated to be around 3.2% to 3.76% more than the current value of 34.24 trillion. The rise would take the 34.24 trillion to approximately 35.53 trillion on or around December 19, 2022.
The data shows that while the difficulty of the network is increasing, the hashrate of BTC has been lower than the previous month. Bitcoin’s hashrate peaked at 316 EH/s on December 1, 2022. The average block time or block interval is between 9:41 minutes per block and approximately 10:43 minutes per block.
Bitcoin’s hashrate is currently coasting at 236.97 EH/s and the network is expected to experience increased difficulty tomorrow December 19, 2022.
The estimated 3% change comes after the last difficulty change which saw a reduction of around 7.32% on December 5, to a block height of 766,080. that day was the largest decrease recorded in 2022. If the estimated increase occurs on December 19, 2022, approximately 3% of the most recent decrease will be erased, making it harder for miners to find a BTC block. .
For the past three days, Foundry USA has been the top mining pool in the Bitcoin network with 27.05% of the global hashrate or 66.59 EH/s. Foundry is followed by Antpool (53.51 EH/s), F2pool (35.08 EH/s), Binance Pool (31.51 EH/s) and Viabtc (22 EH/s) respectively. 414 reward blocks have been discovered in the last three days and the aforementioned top five mining pools have discovered 351 of these blocks.
On December 17, statistics from macromicro.me show the average bitcoin mining costs based on Cambridge University measurements, indicating that the cost is around $19,806, and the price of BTC on December 18 is around $16,700 per bitcoin.
Tags in this story bitcoin, bitcoin (BTC), bitcoin miners, bitcoin mining, bitcoin mining, block intervals, block rewards, block time, Blocks, Difficulty Change, Production Cost, Cryptoslate, December 19, 2022, difficulty change, difficulty increase, difficulty retarget, glassnode, Hash Price, Macromicro.me, Miners, mining, Mining BTC, Mining Difficulty, Mining Operations, Mining Pools, Mining Report
What do you think of Bitcoin’s upcoming difficulty retarget on December 19? What do you think of the pressure bitcoin miners are feeling these days due to low bitcoin prices? Let us know what you think about this topic in the comments section below.
Jamie Redman
Image credits: Shutterstock, Pixabay, Wiki Commons
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