Bitcoin just adjusted its mining difficulty at block height 786,240. With this adjustment, the difficulty of mining increased by 1.72%, hitting a record high of 48.71 trillion. Increased mining difficulty is an important part of Bitcoin’s infrastructure and the basis for ensuring a steady rate of new Bitcoins are mined.
#bitcoinThe computing power soared to a record high, demonstrating the strength of the network https://t.co/skZuYMvGkQ
— Kyptos (@azcoinnews) April 20, 2023
Mining difficulty will be adjusted every 2016 blocks, or approximately every two weeks, with the aim of maintaining a consistent block production time of approximately 10 minutes. If more miners join the network, the average computing power will increase, and the mining difficulty will also increase, making it more difficult to dig out new blocks. Conversely, if the computing power decreases, the difficulty of mining will also decrease, making it easier to dig out new blocks.
source: bitcoin network
The current average hash rate of the entire Bitcoin network is 352.9 EH/s. This hash rate represents the total computing power used to mine new blocks and verify transactions on the Bitcoin network. The higher the hash rate, the more secure the network because it is harder for a single entity to control more than 50% of the network’s computing power.
Increased mining difficulty and record high hashrate are positive indicators for the future of the leading cryptocurrency by market cap. This shows that there is continued interest and investment in the network, with miners committed to the long-term success of the platform. However, it is worth noting that an increase in mining difficulty will also lead to an increase in mining costs, which will affect the profitability of some mining operations.
In conclusion, the Bitcoin network recorded the recent increase in mining difficulty adjustment and record high hash rate as important milestones for the cryptocurrency. They highlight the stability and security of the platform and have the potential to attract investors and new users to the network. As Bitcoin continues to grow, it will be interesting to see how these factors play out and the future of the world’s most popular digital currency.
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Ming Ying
according to Kyptos
