Bitcoin Hashrate Reaches All-Time High, Boost Could Lead to Record-Setting Difficulty Increase – Mining Bitcoin News

0

[ad_1]

During the first week of the new year, Bitcoin’s hashrate reached an all-time high (ATH) on Jan. 6, 2023, at block height 770,709. The network recorded a milestone of around 361.20 exahash per second (EH/s) on Friday, jumping more than 4% higher than the previous record of 347.16 EH/s recorded on Nov. 12, 2022.

Network’s Hashpower Surges to New Heights, Difficulty Change Anticipated in Eight Days

Bitcoin’s computational power is running hot during the first week of the new year as it broke its first record in 2023. According to statistics on Jan. 7, Bitcoin’s hashrate is currently coasting along at 290 EH/s after reaching its all-time high (ATH) the day prior. The ATH occurred on Jan. 6 at 3:42 p.m. ET at block height 770,709, when the network’s total hashpower reached 361.20 EH/s. This record equates to 0.3611999 zettahash per second (ZH/s) or roughly 361.2 quintillion hashes per second.

Bitcoin Hashrate Reaches All-Time High, Boost Could Lead to Record-Setting Difficulty Increase

The Jan. 6 record was more than 4% higher than the Nov. 12, 2022 record of around 347.16 EH/s, printed at block height 762,845. Because the hashrate has been so high, block generation times have been much faster than the 10-minute average. Statistics show that current block intervals (the time between mined blocks) have been between 8:51 and 7:31 minutes. Data also shows that the cost of BTC production has dropped. Metrics from macromicro.me indicate that the cost of bitcoin production is $16,568 per unit, while the spot price is $16,920 per unit.

Statistics from theminermag.com show that the cost of bitcoin production might even be much lower, as the web portal shows the average cost at around $13.6K per unit. The faster block intervals will likely mean that the network’s difficulty will rise on or around Jan. 16, 2023, after a 3.59% decrease on the second day of the year. Current estimates for the difficulty change in more than eight days range from 7.04% to a record-setting 13.2% increase. On Oct. 10, 2022, there was a 13.55% increase, which was the largest upswing of the year.

On Jan. 7, 2023, three-day statistics show that Foundry USA is the top mining pool with 29.34% of the world’s total hashrate, or roughly 78.85 EH/s of hashpower. Foundry is followed by Antpool (20.04%), F2pool (16.74%), Viabtc (9.71%), and Binance Pool (7.85%), respectively. The processing power of the network reaching record highs suggests that Bitcoin’s blockchain is becoming more powerful, which is seen as a positive sign for the overall health of the Bitcoin network. However, as mentioned above, it can also have an impact on the difficulty of mining new blocks after the difficulty changes on Jan. 16 in eight days.

Tags in this story

All time high, Antpool, Binance, Bitcoin, block, Blockchain, Blocks, Change, coasting, computational, cost, difficulty, Exahash, F2Pool, Hashpower, Hashrate, Health, height, hot, increase, intervals, milestone, mining, network, pool, power, previous, Price, production, record, Second, Statistics, top, Total, upswing, ViaBTC, world

What do you think about Bitcoin’s hashrate surging to new heights and the possibility of a record-setting difficulty change in eight days? Let us know your thoughts about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In Case You Missed It

[ad_2]

Source link

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 75,795.00
ethereum
Ethereum (ETH) $ 2,240.53
tether
Tether (USDT) $ 0.999179
bnb
BNB (BNB) $ 693.19
xrp
XRP (XRP) $ 1.16
usd-coin
USDC (USDC) $ 0.999716
solana
Solana (SOL) $ 89.83
tron
TRON (TRX) $ 0.317703
staked-ether
Lido Staked Ether (STETH) $ 2,265.05
figure-heloc
Figure Heloc (FIGR_HELOC) $ 1.02
zcash
Zcash (ZEC) $ 1,325.67
hyperliquid
Hyperliquid (HYPE) $ 79.35
monero
Monero (XMR) $ 607.11
dogecoin
Dogecoin (DOGE) $ 0.071855
usds
USDS (USDS) $ 1.00
whitebit
WhiteBIT Coin (WBT) $ 72.80
wrapped-steth
Wrapped stETH (WSTETH) $ 2,779.67
leo-token
LEO Token (LEO) $ 9.34
chainlink
Chainlink (LINK) $ 10.75
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 76,243.00
cardano
Cardano (ADA) $ 0.183510
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.998762
stellar
Stellar (XLM) $ 0.152006
wrapped-beacon-eth
Wrapped Beacon ETH (WBETH) $ 2,466.93
bitcoin-cash
Bitcoin Cash (BCH) $ 261.71
near
NEAR Protocol (NEAR) $ 3.73
ethena-usde
Ethena USDe (USDE) $ 0.998939
wrapped-eeth
Wrapped eETH (WEETH) $ 2,465.31
dai
Dai (DAI) $ 1.00
uniswap
Uniswap (UNI) $ 6.97
susds
sUSDS (SUSDS) $ 1.08
rain
Rain (RAIN) $ 0.005798
litecoin
Litecoin (LTC) $ 52.19
canton-network
Canton (CC) $ 0.094432
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 76,366.00
avalanche-2
Avalanche (AVAX) $ 8.27
sui
Sui (SUI) $ 0.863697
blockchain-usd
Blockchain USD (USDB) $ 0.932324
usd1-wlfi
USD1 (USD1) $ 0.998086
weth
WETH (WETH) $ 2,268.37
tether-gold
Tether Gold (XAUT) $ 4,057.60
the-open-network
Gram (prev. Toncoin) (GRAM) $ 1.09
hedera-hashgraph
Hedera (HBAR) $ 0.066913
usdt0
USDT0 (USDT0) $ 0.998824
quant-network
Quant (QNT) $ 193.29
paypal-usd
PayPal USD (PYUSD) $ 1.00
global-dollar
Global Dollar (USDG) $ 1.00
ripple-usd
Ripple USD (RLUSD) $ 1.00
shiba-inu
Shiba Inu (SHIB) $ 0.000005
bittensor
Bittensor (TAO) $ 223.88
Shares