Bitcoin’s mining difficulty has reached an all-time high (ATH) on February 24, 2023, at block height #778,176, surpassing the 40 trillion mark for the first time ever. The network’s difficulty increased by 9.95%, which is the second-largest rise this year, as Bitcoin recorded a combined 24.89% increase during the last 60 days. This makes it the hardest it has ever been to mine Bitcoin (BTC).
The 9.95% increase on Friday was the second-largest jump in difficulty this year, as the largest was recorded on January 15, 2023, at block height #772,128. At that time, the difficulty rose 10.26% higher than the previous difficulty metric. The next difficulty change is due on or around March 9, 2023, and presently, block times have been much longer than the 10-minute average. The average block time before the difficulty change on Friday was around 9 minutes and 11 seconds, and today, block times are between 12 and 14 minutes in length. The lengthier block time shows that the recent difficulty change has slowed miners down.
On Saturday, Feb. 25, 2023, the network’s global hashrate is coasting along at values between 294.91 EH/s and 238.44 EH/s. On Saturday, the largest mining pool in terms of hashrate is Foundry USA with 103.18 EH/s or 34.88% of the network’s total hashpower. Foundry is followed by Antpool, which commands 15.81% of the total or roughly 46.77 EH/s of hashpower. Foundry and Antpool are followed by F2pool, Binance Pool, and Viabtc, respectively. Over the last three days, 13 known pools and 15.13 EH/s of unknown hashpower collectively discovered 430 blocks in total.
The current difficulty level of 43.05 trillion hashes means that miners will have to work much harder to generate blocks. This is because the miners have to solve increasingly complex mathematical problems in order to create a new block and receive the block reward. The higher the difficulty, the more time and resources miners need to dedicate to the process. This means that miners will have to invest in more powerful hardware and use more electricity in order to remain competitive.
The difficulty level is adjusted every two weeks, and the current difficulty increase is the second-largest this year. This means that miners will have to work even harder to remain profitable. The difficulty increase also means that the average block time will be longer, which could lead to slower transaction times. This could have an impact on the overall Bitcoin network, as slower transactions can lead to increased transaction fees and longer wait times for users.
The current difficulty level is a testament to the increasing popularity of Bitcoin and the increasing number of miners joining the network. As more miners join the network, the difficulty level will continue to rise. This means that miners will have to invest in more powerful hardware and use more electricity in order to remain competitive. Despite the difficulty increase, the Bitcoin network remains secure and is still a viable option for those looking to invest in digital currencies.
