Bitcoin News and Finance
Bitcoin Network’s Mining Difficulty Expected to See Largest Increase in Over 2 Months Skip to main content

Bitcoin Network’s Mining Difficulty Expected to See Largest Increase in Over 2 Months

Bitcoin’s hashrate has been steadily climbing after dropping to 69 exahash per second (EH/s) on June 28, as it reached a high of 117 EH/s on Tuesday morning (EDT). The rise in hashpower will likely lead to the highest difficulty expansion in 89 days as estimates currently show a 7.39% increase is due in two days.

Bitcoin Block Rewards Expected to Be More Than 7% Harder to Find in 2 Days

In a touch more than two days’ time, Bitcoin’s mining difficulty is expected to jump over 7.3% as the crypto asset’s overall hashrate has improved a great deal. Since June 28, Bitcoin’s hashrate has jumped 69.56% and has been rising higher following the lift in market prices.

Bitcoin Network's Mining Difficulty Expected to See Largest Increase in Over 2 Months
Bitcoin hashrate over a 1-year zoom on August 10, 2021.

On July 15, Bitcoin’s hashrate hit a high of 130 EH/s holding just below that zone for the last 25 days, and once in a while, it has tried to surpass the metric. Bitcoin’s mining difficulty makes it more difficult for miners to find blocks and during the last epoch, it increased more than 6%. However, the largest increase since then was on May 13, 2021, when the difficulty increased by 21.53% that day.

Bitcoin Network's Mining Difficulty Expected to See Largest Increase in Over 2 Months
At the time of writing and current hashrate speed, the mining difficulty is expected to increase more than 7%.

The next difficulty change shows an estimate of around 7.39% and could increase higher if the hashrate continues to climb. This means that over the last month, the difficulty will be close to 13.39% higher in two days. At the time of writing, BTC’s mining difficulty is around 14.50 trillion, and it is expected to be around 15.57 trillion after the next difficulty change.

Besides the May 13 change, the difficulty adjustment will be the highest change since January 9, 2021. While the difficulty makes it harder to find BTC blocks, it can increase and decrease depending on how much hashrate is dedicated to the blockchain.

Antpool Still Commands the Top Spot, Bitcoin’s Inflation Rate Per Annum Is 1.76%, Bitcoin Halving Is 1,006 Days Away

On Monday, Antpool is the largest BTC miner, capturing 17.71% of the overall hashrate. Antpool has over 20 EH/s dedicated to the Bitcoin (BTC) blockchain and is followed by Poolin’s 15.12 EH/s of hashpower. With more than 15 exahash Poolin has over 13% of the network hashpower today while Viabtc commands the third position.

Bitcoin Network's Mining Difficulty Expected to See Largest Increase in Over 2 Months
3-day BTC mining pool hashrate distribution on August 10, 2021.

Viabtc’s 11.46% of the network hashrate derives from the 12.9 EH/s of hashpower it is applying to the chain. The fourth position is held by F2pool (10.83%), and the fifth-largest miner is Foundry USA (9.79%). Unknown hash or stealth miners still have a large quantity of global hashpower with 9.17% of the hashpower today or 10.9 EH/s.

As of August 10, 2021, there are approximately 1,006 days until the next block reward halving and it’s likely miners will try to mine with as much hashpower as they can until then. When that happens, the 6.25 BTC block reward will shrink to 3.125 coins per block post halving.

Give or take hashrate speed, there are roughly 144 blocks found every day and the BTC inflation rate per annum is only 1.76%. At the time of writing, the next difficulty retarget will be 386 BTC blocks away and at the current velocity of the network and market prices, it seems miners are in for a run of consecutive difficulty increases.

What do you think about the upcoming difficulty increase and the fact that Bitcoin’s hashrate has been recouping from the losses at the end of June? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory