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On Sunday, November 12, 2023, Bitcoin’s difficulty metric climbed 3.55%, reaching a new peak of 64.68 trillion at block height 816,480. This adjustment marks the fifth consecutive rise in the network’s difficulty since September 19.
Bitcoin Difficulty Rises 3.55% Higher
The quest to discover a bitcoin (BTC) block reward has reached unprecedented difficulty following the latest adjustment at block height 816,480, which brought about a 3.55% increase. This hike follows a series of escalations, starting with a 5.48% rise on September 19, a slight 0.35% uptick on October 3, a significant 6.47% surge on October 16, and the 2.35% increase witnessed on October 29.
Currently, Bitcoin’s difficulty level has surpassed the 64 trillion mark, reflecting the daunting challenge and the intense computational power needed to generate a hash that falls below a specific threshold. A 64.68 trillion difficulty level indicates an extremely competitive mining landscape, necessitating vast amounts of processing work to earn BTC block rewards. This measure is recalibrated every 2,016 blocks to maintain an average interval of about ten minutes per block.
In the last three months, the hashrate of BTC has maintained an average of 423.1 exahash per second (EH/s). As of November 12, the seven-day simple moving average (SMA) indicates a hashrate of approximately 461 EH/s. Currently, 46 distinct mining pools are contributing their computational power to the Bitcoin network. Antpool and Foundry USA stand out as the leading pools, with Antpool at the forefront, commanding 116.91 EH/s or 25.8% of the network’s total hashrate, while Foundry USA follows closely with 114.98 EH/s or 25.37% of the combined hashrate.
Approximately 23,500 blocks remain until the anticipated next halving epoch. The upcoming block reward halving is forecasted for April 20, 2024. Bitcoin mining profitability rose in October and continued upward through November, buoyed by the increase in Bitcoin’s value and higher transaction fees. On November 9, 2023, the average transaction fee peaked at $15, as reported by bitinfocharts.com. The current average transaction fee stands at 0.00018 BTC or $6.76 per transaction.
Bitcoin’s next difficulty change is estimated to occur on November 25, 2023.
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