Bitcoin News and Finance
Bitcoin Closes 2023 With 27 Dynamic Difficulty Adjustments, Netting a 74% Rise in Mining Challenges Skip to main content

Bitcoin Closes 2023 With 27 Dynamic Difficulty Adjustments, Netting a 74% Rise in Mining Challenges

Bitcoin Closes 2023 With 27 Dynamic Difficulty Adjustments, Netting a 74% Rise in Mining Challenges

Three days ago, on Dec. 23, 2023, Bitcoin marked its 27th and final difficulty adjustment for the year. This year witnessed 27 shifts in epochs, with the most substantial one on Jan. 15 at block 772,128, seeing a surge in network difficulty by 10.26%.

Bitcoin’s Year: 20 Ups, 7 Downs Total 74% Difficulty Surge

By Jan. 4, 2024, it’s anticipated that Bitcoin will undergo another uptick in mining difficulty. This metric, changing every 2,016 blocks or roughly two weeks, maintains the average interval between blocks at approximately 10 minutes. It does so regardless of the fluctuating mining power within the network. This mechanism stabilizes the issuance rate of new bitcoins, enhancing network security by making block discoveries more challenging as the hashrate either increases or decreases.

Throughout 2023, the network experienced a total of 27 difficulty changes, comprising 20 increases and seven decreases. The most notable hike was on Jan. 15, rocketing by 10.26%. Conversely, the smallest uptick was a mere 0.12% on Aug. 9, 2023, at block 802,368. The most significant drop occurred at the outset of the year on Jan. 2, 2023, plummeting by 3.59%, while the slightest decrease was 0.49% on Feb. 12, 2023, at block 776,160.

At the start of the first difficulty change in January 2023, the difficulty stood at 34.09 trillion and wound up escalating to 72.01 trillion by year’s end. This signifies an increase of 37.92 trillion over 12 months, with all rises amounting to a cumulative change of 89.35%. Conversely, all reductions totaled a decrease of 15.34%, cumulatively marking a network augmentation of 74.01% when considering both the increases and decreases combined.

Despite this escalating difficulty, bitcoin (BTC) miners have added an impressive 311 exahash per second (EH/s) of SHA256 hashrate since the start of the year. From Dec. 26, 2022, to Dec. 26, 2023, a total of 54,035 BTC blocks were mined. Foundry USA claimed the lion’s share, mining 16,494 blocks, which accounts for 30.52% of the year’s aggregate block rewards. Antpool secured 12,280 blocks or 22.73% of the total, while the remaining 25,261 blocks were distributed among over 40 other mining pools.

In 2023, Bitcoin’s enduring adaptability and robust network growth underscored its resilience and innovation. As we approach 2024, the community watches anxiously, ready to navigate the challenges and opportunities of increased mining difficulty. This year’s hashrate momentum sets the stage for continued evolution and commitment to securing the network and its pivotal role in the evolving digital economy Satoshi Nakamoto created.

What do you think about all the difficulty adjustments during the course of the year? Share your thoughts and opinions about this subject in the comments section below.

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