Bitcoin mining difficulty reached 37.73 trillion on January 15, 2023, with an increase of 10.26% at a block height of 772128. Network difficulty has now reached its highest level. This means that, on average, 37.73 trillion hashes or attempts are required to find a valid Bitcoin block reward and add it to the blockchain.
The first mining difficulty increase in 2023 outpaced all but one of the 2022 increases.
Approximately 286.36 exahashes per second (EH/s) hash rate has been allocated to the Bitcoin blockchain as of 20:15. A 10.26% increase in Bitcoin network difficulty occurred at 4:11 pm at block height 772128.
With the difficulty of mining Bitcoin increasing to an all-time high, finding a BTC block has become highly challenging. Because the Bitcoin network difficulty was around 34.09 trillion last week and reached an all-time high of 37.73 trillion on Sunday, the highest difficulty level on the Bitcoin blockchain before the difficulty increase on January 15 of the new year was 36.76 trillion on November 6, 2022.
Currently, the difficulty level has increased by 2.63% compared to the previous peak. The increase in severity through January 15 is also higher than all but one increase from the previous year. On October 10, 2022, at the height of block 758016, it recorded the highest increase of 13.55%.
With a 22% increase in the price of Bitcoin over the past week, miners could turn a profit after a long time. However, the increasing difficulty of Bitcoin mining has made it more difficult for them than before.
On January 6, 2023, at block height 770709, the network’s hash rate reached its all-time high of 361.20 exahash per second (EH/s). The previous record was 347.16 EH/s, which was set on November 12, 2022. Faster block intervals and increased difficulty on Sunday afternoon resulted from a high hash rate.
Miners will forever remember these two records in the first month of 2023. While the price of Bitcoin is trading at $ 20,824, the cost of creating one Bitcoin was estimated at $1,7377.
Additionally, the concentration of mining pools has increased dramatically over the past three days, with two mining pools controlling more than 56.68% of the total hash rate. According to statistics, Foundry USA, the top mining pool, has a hash rate of 97.03 EH/s, and Antpool mining pool has 55.92 EH/s.
The following difficulty change will probably occur on January 28, 2023. Despite reaching an all-time high on January 6th, the average hash rate over the past 2016 block has been around 268.9 exahash per second (EH/s). At the time of writing, there are 67,846 blocks left to be mined before the next reward halving, and 1,736,531.23 Bitcoins (BTC) in circulation are waiting to be discovered.
Note: This news article is not an offer to buy, sell or invest, and it is presented only to familiarize you
