Bitcoin on or around December 5th, 2022 – May be in a week-long break as difficulty and retargeting are likely to be very low. Projected figures suggest that the target for the next difficulty could be between 6.13% and 10%, while it currently looks as though it could be the biggest drawdown if it were to exceed the 5.01% drop recorded on July 21. When the last bitcoin reached block height 764,064 on November 20, 2022, it was up only 0.51% on the day. However, the increase took the difficulty to it’s all-time high of 36.95 trillion and during the past week, the average hash rate has been around 249.1 hashes per second (EH/s).
The average bitcoin network has also been slower than usual, ranging from 10.2 minutes to 11.06 minutes on Monday evening (ET), while the block interval after the change on November 20 has been significantly higher since before that day, since September 29. The average time was less than ten minutes. The long block suggests that the next mined block of 2,016 will be slower than two weeks. Data suggests that the retarget could be as low as 10% on December 5th, and metrics indicate that the decline is estimated to be around 6.13%. Both estimates are in line with the bitcoin network, with the largest decrease ever recorded on July 21st. where miners are currently facing the highest difficulty ever recorded and the bitcoin price is 76% lower than the all-time high ($69K) recorded on 30 November 2021. OnChain Analytics The firm Glassnode announced in a report published that it called for the bitcoin mining sector and the industry to be in trouble.
At the time of writing, the three-day hash rate for Foundry USA is around 60.66 EH. In three days, Foundry, the largest mining pool, mined 98 BTC blocks out of 385 discovered by all miners.
