Bitcoin’s Mining Difficulty Change Prints 2022’s Second Largest Increase — Metric Nears All-Time High – Bitcoin News

On Wednesday, Bitcoin’s mining difficulty jumped 9.26% higher, recording the second highest difficulty rise in 2022. The latest rise is Bitcoin’s third difficulty increase since August 4, 2022, and it’s now 11.63% harder to find bitcoin block reward.

Bitcoin Difficulty Jumps 9.26% — Metric Prints the Second Largest Rise This Year

Bitcoin (BTC), the cryptocurrency, has seen its third difficulty increase in August. The difficulty increased 9.26% from August 31. This year’s second-largest difficulty jump was at block height 751,968. At block height 719.712 the greatest 2022 increase took place 223 day ago.

Currently, the difficulty is 30.98 trillion, which is only 0.27 below the network difficulty’s all-time high (ATH) at 31.25 trillion on May 10, 2022. With bitcoin’s lower USD value and a 9.26% difficulty increase, miners have been dealt a blow. Actually, it has become 11.63% easier to get a reward bitcoin block for finding before August 4.

On August 4, at block height 747,936, Bitcoin’s mining difficulty rose by 1.74% and two weeks later, it increased again by 0.63%. Five days ago, Bitcoin.com News reportedThe community discussed the possibility that the difficulty could see a significant rise. Blocksbridge Consulting, August 25, tweeted that it was expecting “a notable difficulty jump.”

Furthermore, during that same week, Bitcoin’s hashrate spiked to 282.21 exahash per second (EH/s). This hashrate was approximately 3.35% below the record high (ATH), set on June 8th, 2022 at block height 739.928. At the time of writing, Bitcoin’s hashrate is coasting along at 236.33 EH/s.

Miners haven’t been affected by the difficulty and decreased BTC value. The hashrate is still running at an elevated speed. The difficulty increases when 2,016 bitcoin block rewards are discovered ‘too fast,’ and the metric decreases when the block discovery time or interval is ‘too slow.’

A new increase in average block interval and current hashrate speed is likely to be on the horizon

Satoshi Nakamoto’s design makes it so roughly every ten minutes, a new BTC block is found as the DAA system is modeled by a Poisson distribution scheme. The average block interval at the time of writing is 7:59 minutes, which means if the next 2,016 bitcoin block rewards are discovered ‘too fast,’ the next difficulty is estimated to increase again.

The remaining block rewards for Bitcoin are 1,964 BTC. This shift is scheduled to occur on September 12, 2022. If the rise is higher on that day, there’s a great possibility that the network’s difficulty could very well surpass the ATH recorded 113 days ago on May 10, 2022.

Let us know your thoughts on the recent difficulty change. Comment below and let us know how you feel about the subject.

Jamie Redman

Jamie Redman is the News Lead for Bitcoin.com News. He also lives in Florida and works as a journalist covering financial technology. Redman joined the cryptocurrency community in 2011 and has been active since then. Since 2011, Redman has been an active member of the cryptocurrency community. Redman is a prolific writer for Bitcoin.com News, with over 5,700 articles on the most disruptive protocols currently in development.