Although bitcoin is trading at a low level of $22K, its value has dropped more than 9% in comparison to the U.S. dollars over the past week. Despite the lower prices, Bitcoin’s hashrate has jumped significantly in recent times and block intervals have sped up a great deal. The trend suggests that when the blockchain network’s difficulty changes four days from now, the shift could increase significantly higher as estimates show a 4.43% to 10.3% change.
Bitcoin’s Hashrate Climbs Closer to June’s All-Time High, ‘Notable Difficulty Jump’ Expected
At the time of writing, Bitcoin’s hashrate is running hot at 282.21 exahash per second (EH/s), which is only 3.35% lower than the network’s all-time high (ATH) recorded on June 8, 2022, at block height 739,928. Even though bitcoin’s price fell 9% in 14 days and its mining difficulty increased twice, it hashrate is up a lot.
Crypto community members have noticed an increased pace as the block interval (the amount of time in between every block mined) has increased. Blocksbridge Consulting was present on Thursday. tweetedThe company spoke out about the block interval, and stated that it expected to see a significant difficulty rise during the next shift.
“The average bitcoin block interval between current height (751055) and last diff epoch (749952) is about 9.18 minutes,” Blocksbridge Consulting wrote on Thursday. “Expecting a notable difficulty jump in less than 6 days.”
According to current statistics, the block interval time is now 9:04 minutes. The current data shows that the next retarget date will be August 31, 2022. This could mean a 10.3% increase. Miners would have a harder time finding block rewards if there was a 10% or greater increase.
Not all difficulty and hashrate statistics are the same, and because it’s harder to measure in real-time, estimates via btc.com’s difficulty page indicate a 4.43% difficulty increase in four days. It doesn’t matter if it’s 4% or 10%; both numbers are significantly higher than the previous two difficulty increases that occurred since August 4.
A potential increase in the hashrate speed is possible at current rates. Data shows that since yesterday, August 25, Bitcoin’s hashrate has increased by 44% during the last 24 hours. The rise has increased the probability that the network’s hashrate will see another ATH in the near future.
What do you think about Bitcoin’s hashrate increase in recent times and the chance of a significant difficulty increase in four days? Please comment below to let us know your thoughts on this topic.
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