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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 expected to increase significantly on January 15, 2023, according to current estimates. At the time of writing, Bitcoin mining difficulty appears to be on track for a 10% increase from 34.09 trillion to an all-time high of 37.57 trillion.
Upcoming difficulty retarget to increase hashrate requirements
The leading cryptocurrency network, Bitcoin (BTC), is expected to see a record three-day increase in difficulty on or around January 15, 2023. At the time of writing, the network’s hash rate is 268.79 exahash per second (EH/s) and the blockchain’s computing power reached an all-time high on January 6, 2023. On that day, at a block height of 770,709, the network’s hash power reached an all-time high. reached 361.20 p.e./s.
Estimated difficulty change for January 15, 2023, recorded on January 12, 2023 at 9:00 a.m. EST.
Bitcoin block times, also known as block intervals, have ranged from 8 minutes, 52 seconds to 9 minutes, 6 seconds. The block interval is the average time it takes for a new block to be added to the blockchain, and the network difficulty is designed to keep the block time around 10 minutes per block.
Actual time between blocks may vary from this average, and since the last difficulty change on January 2, 2023, at a block height of 770,112, block intervals have been faster. Because of this, the difficulty retarget on January 15 will be a noticeable increase, and one that hasn’t been seen since October 2022.
Foundry USA and Antpool Control Nearly Half of Bitcoin’s Global Hashrate
As of this writing, and until the next difficulty change, BTC’s network difficulty is around 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, analyst sites specify that Bitcoin’s next difficulty change is expected to rise from 10.1% to 10.21% in three days.
According to the highest estimate, the difficulty would reach an all-time high of 37.57 trillion, and bitcoin miners would have to exercise 37.57 trillion hashes to find a block on the Bitcoin blockchain. Currently, Foundry USA is the top mining pool in 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 control 48.93% of the total network hashrate.
Tags in this story All time high, Analytics, Antpool, Binance Pool, Bitcoin, block 770709, Block Height, block interval, Block time, Blockchain, Braiins Pool, computing power, difficulty, difficulty change, EH/s, F2Pool, Foundry USA , Global Hashrate, Hashes, hashpower, Hashpower, Hashrate, increase, Jan 15, 2023, mining, mining effort, mining pool, Mining Pools, network, percentage, Percentage, record, retarget, valid block, ViaBTC
What do you think of Bitcoin’s upcoming mining difficulty change? Share your thoughts and predictions in the comments below.
Jamie Redman
Image credits: Shutterstock, Pixabay, Wiki Commons
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