Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Bitcoin Mining Hits Record Difficulty: 5.07% Increase at Block 818,496

Bitcoin Mining Hits Record Difficulty: 5.07% Increase at Block 818,496

CoineditionCoinedition2023/11/26 17:42
By:Abdulkarim Abdulwahab
  • Bitcoin’s mining difficulty has reached an all-time high, making it more challenging to mine new blocks.
  • The network’s hash rate has increased to 504.63 exa-hashes per second.
  • Previously, the Bitcoin network experienced a one-hour block production disruption.

The Bitcoin network has recently hit a significant milestone regarding the difficulty level of mining a new block. In particular, according to statistics from Bitcoin Blockchain Explorer , BTC experienced a mining difficulty adjustment at block height 818,496. This adjustment has increased the mining difficulty by 5.07%, reaching a new high of 67.96 tera-hashes per second.

The prominent Chinese reporter Colin Wu called attention to this development in a recent statement on the X platform.

Bitcoin mining difficulty ushered in a mining difficulty adjustment at block height 818496. The mining difficulty was raised by 5.07% to 67.96 T, continuing to hit a record high. The current average hashrate of the entire network is 504.80 EH/s. https://t.co/vgAkEgyDOf

— Wu Blockchain (@WuBlockchain) November 26, 2023

Significantly, the recent adjustment suggests that mining new blocks is now 5.07% more challenging than the previous adjustment period on November 12. This is because the network hash rate, which measures the total computing power dedicated to mining Bitcoin, has increased. Per Bitcoin Explorer, the current average hash rate for the entire network is now at 504.8 exa-hashes per second (EH/s), compared to 486.50 EH/s recorded fourteen days ago. 

It is worth noting that mining difficulty adjustments occur regularly to maintain a consistent block addition rate to the blockchain, typically around every 10 minutes for Bitcoin. When more miners join the network, the difficulty rises to uphold this timeframe, and conversely, if miners exit, the difficulty decreases.

Emphatically, a higher hash rate intensifies the challenge of mining new blocks as it results in increased competition to solve the cryptographic puzzle necessary for block creation. Notably, the next Bitcoin mining difficulty adjustment will occur on December 10, at block height 820,512.

Early this month, the Bitcoin network encountered a significant temporary disruption in block production, marked by a notable pause lasting over an hour. As per Bitcoin’s dedicated blockchain explorer, a delay occurred on November 7, during which the network did not produce a block between 16:47 and 17:56 (UTC+8).

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Join Bitget x Just a chill guy Community Campaign Now to Win Your Share of $10,000 CHILLGUY!

Bitget announced that CHILLGUY/USDT is listing on Bitget! In order to show our warm welcome, we have set aside a reward pool of $10,000 for our special new joins during this period. Participate in the event and join Bitget now to receive your exclusive token airdrop. So, what are you waiting for? J

Bitget Announcement2024/11/27 10:00

XRPPERP now launched for USDC-M futures trading

Bitget has launched XRPPERP for futures trading with a maximum leverage of 75 on November 27, 2024 (UTC+8). Welcome to try futures trading via our official website (www.bitget.com) or Bitget APP. XRPUSDC-M perpetual futures: Parameters Details Listing time November 27, 2024 16:40 (UTC+8) Underlying

Bitget Announcement2024/11/27 08:44

Bitcoin (BTC) Surges to New Heights Amidst Robust Capital Inflows

Bitcoin's price hits an all-time high of $93k, driven by $62.9 billion capital inflows, with ETFs playing a critical role in stabilizing the market.

Blockchainnews2024/11/27 08:43