The post This is how difficult it is to mine Bitcoin now appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) miners are constantly generating Proof of Work (PoW) in a highly competitive business to discover the next valid block. Recently, Bitcoin mining difficulty was adjusted to its all-time highs, which hardened the competition and business profitability. In this discovery, the miner gets the right to collect the block subsidy of freshly created 6.25 BTC, add Bitcoin transactions to this block, and broadcast it to other nodes, confirming these transactions — including the one from the block subsidy. Interestingly, the more work (or hashrate) a Bitcoin miner has on the network, the higher their chances of finding a valid block. In order to keep the block discovery in a 10-minute interval, the Bitcoin mining difficulty is adjusted every 2,016 blocks (around two weeks). This creates a dynamic where in an increased hashrate environment, the protocol will require that even more hashrate is deployed in order to find the next block, making it more difficult to mine BTC. While a decreasing hashrate scenario will do the opposite, decreasing the mining difficulty. Bitcoin mining difficulty reaches a new all-time high of 61.03 trillion hashes In particular, the Bitcoin mining difficulty reached a new all-time high of 61.03 trillion hashes needed to mine a block, in the most recent difficulty adjustment on October 16.  Meanwhile, the current average daily network hashrate is at 450 EH/s, according to data retrieved by Finbold from mempool.space on October 17. Bitcoin mining Difficulty and Hashrate, 3-year historic chart. Source: mempool.space Notably, Bitcoin mining is becoming more difficult over time, as the largest pools continuously increase their hashrates — which also makes Bitcoin more centralized in a few mining pools, as exclusively reported by Finbold. Bitcoin mining pools 1-week ranking. Source: mempool.space Additionally, part of this recent growing hashrate comes from AntPool, the second-largest Bitcoin mining pool…

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Filed under: News - @ October 17, 2023 4:20 pm