Bitcoin Difficulty Up 4.68%, Hitting New All-Time High; Metric set to surpass 40 trillion – Mining Bitcoin News

The Bitcoin blockchain saw another difficulty increase on Sunday, January 29, 2023 at block height 774,144. The network difficulty increased by 4.68% from 37.59 trillion to an all-time high of 39.35 trillion.

Bitcoin difficulty hits new all-time high as mining gets harder

Bitcoin difficulties hit another all-time high, beating the record set two weeks ago after rising 4.68% on Sunday. The climb occurred at 6:10 a.m. (UTC) to block height 774,144. Difficulty now stands at 39.35 trillion, surpassing nearly 40 trillion. The next adjustment is due on February 11, 2023.

The surge is making block mining more difficult, after jumping 4.68% after the 10.26% surge on Jan. 15, 2023. Statistics as of Jan. 29 show a hash rate of 279.7 exahash per second (EH/s) over the last 2,016 blocks, currently at 283.55 EH/s for the Bitcoin blockchain.

Statistics from macromicro.me as of January 28, 2023 estimate the cost of BTC production at $21,176 per unit. On January 29, the spot price was $23,584. With spot prices above production costs, Bitcoin (BTC) miners have recouped some losses as of late 2022.

The pool distribution calculated from discovered blocks shows Foundry USA as the top mining pool with 101.47 EH/s, which is 34.89% of the network’s hash power. Antpool has 57.54 EH/s or 19.79% of the total network hashrate. F2pool, Binance Pool, Viabtc, Btc.com and Braiins Pool follow Foundry and Antpool respectively.

As the difficulty increased, the block intervals, or time between each BTC block, ranged from around 9:02 to 9:38 minutes. That’s slower than the last 8:54 to 9:31 minutes recorded two days ago, but still faster than the 10-minute average.

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What impact do you think the increasing difficulty of the Bitcoin network will have on miners and the cryptocurrency industry at large? Do share your thoughts in the comment section below.

Jamie Redman

Jamie Redman is the news director at Bitcoin.com News and a Florida-based financial technology journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about today’s emerging disruptive protocols.

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