Bitcoin mining difficulty hits new record

English Oct 25, 2022

Bitcoin recorded another increase in mining difficulty last Sunday, October 23, 2022 at block 760,032, up another 3.44%.  Last Sunday's increase in mining difficulty rate came after the network saw a 13.55% growth on October 10, 2022, at the height of block 758,016.

The 13.55% increase was Bitcoin’s biggest difficulty increase of 2022 and came when the total BTC hashrate hit its all-time high on Oct 11, 2022. On Oct 11, the network’s hashrate hit 325.11 exahash per second.

The network's hashrate has been ignoring lower Bitcoin prices as Bitcoin's computing power remains stronger than ever.  Currently, Bitcoin hashrate is between 260 to 275 EH/s.

These “difficulty rate rebalances” are part of Bitcoin’s own code, which seeks to keep block issuance intervals at an average rate of ten minutes per block.

If the 2016 blocks take less than two weeks to mine, the difficulty will increase, forcing the network to work harder for the blocks in order for them to take exactly two weeks.  However, if there is a delay longer than two weeks, the network causes a decrease in the difficulty of mining these 2,016 blocks.

There are around 79,900 blocks remaining until the next halving, estimated to take place between February 24, 2024 and April 20, 2024.

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Morel Hernandes

Writer passionate about politics, economics, blockchain and crypto-currencies.