Bitcoin network difficulty expected to see biggest increase of year amid higher hashrate, shorter block times
In 2022, Bitcoin’s hashrate has been above the 200-eghash-per-second (EH/s) range, and in 2023, 300 EH/s appears to be the new norm, data show. Bitcoin’s hash rate has averaged around 310.5 EH/s. Also, bitcoin’s block times range from 8 minutes and 55 seconds to 8 minutes and 68 seconds, which seems to be faster than the average of 10 minutes. The higher hash rate and faster block times indicate an increase in difficulty which we expect to happen on February 24th. The latter points out that the upcoming difficulty combination, set for Friday, will be the largest of the year surpassing the previous record set on January 15. This projected increase is expected to be between 10.78% and 11.5% for the February 24 adjustment. The current difficulty, of course, is around 39.16 trillion hashes, and the next difficulty adjustment has the potential to push it above 40 trillion. A 10.78% increase would result in a difficulty rating of approximately 43.35 trillion hashes. Regardless of the end result, an increase in difficulty makes it more challenging for bitcoin miners to find new blocks as well , will make it perfect. At the time of writing, the mining pool Foundry USA commands 33.33% of the network hashrate, or 105.37 EH/s. Antpool accounts for approximately 18.66% of the global hash rate, devoting 58.98 EH/s to the bitcoin blockchain. Together, these two pools hold over 51% of the pie, including 13 known pools and 11.93 EH/s of unknown hashpower. Here we can say that Foundry and AntPool are followed by F2Pool, Binance Pool and Viabtc, which collectively control 33.54% of the global hashrate. These top five pools contribute a combined 84.54% of the total hashrate that is secured by the bitcoin blockchain.