Bitcoin’s hashrate nears peak levels, with a potential difficulty increase of over 4% expected by Aug. 28. Miners face a challenge as block intervals speed up.
Bollywood Fever: Bitcoin’s hashrate is climbing once again, approaching the record levels seen at the end of July.
Despite a recent 4.19% decrease in mining difficulty during the last retarget, projections suggest this ease may be short-lived.
On August 28, the difficulty is expected to rebound, potentially increasing by 4% or more.
Accelerated Block Intervals and Rising Hashrate Signal Imminent Difficulty Increase
According to data from Luxor’s hashrateindex.com, Bitcoin’s current hashrate is hovering around 660 exahashes per second (EH/s), just 17 EH/s below the 677 EH/s peak recorded on July 25, 2024.Â
It has been 11 days since the last difficulty adjustment, during which miners enjoyed a 4.19% decrease in difficulty, temporarily making it easier to mine BTC blocks.
However, with the hashrate remaining high, block intervals—the time between mined blocks—have been averaging about nine minutes and 36 seconds, slightly faster than the standard ten-minute interval.
Due to this quicker pace, the recent reduction in difficulty might be entirely reversed by August 28, or once another 420 blocks are mined.
This adjustment could push the mining difficulty to an all-time high of 90.67 trillion or even beyond.Â
Currently, Bitcoin’s difficulty stands at 86.87 trillion, which is the target hash rate miners must achieve to validate new BTC blocks.
An increase in difficulty means miners will need to expend more computational power to secure a block, while a decrease makes it easier to find valid hashes and add new blocks to the chain.
With Bitcoin’s hashrate inching closer to its previous peak, miners might soon experience a reversal of the recent easing in difficulty.
As block intervals continue to fall below the ten-minute mark and the network remains powered by 660 EH/s, a significant shift in mining conditions appears imminent.
Miners should prepare for a potential increase in difficulty, making the race for new blocks even more competitive.
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