Bitcoin mining difficulty rises by 3,27%

The average hashrate of the network is at around 253.07 EH/s

20.12.2022 - 10:15

712

1 min

What’s new? On December 19, the bitcoin mining difficulty rose by 3,27% to 35,36 T, according to BTC.com. That said, this figure is lower than an all-time high of 36,95 T reached on November 21. At the time of writing, the network’s average hashrate is at 243,27 EH/s. As of 10:30 UTC, BTC is trading at $16 801, having gained 0,17% in 24 hours, according to Binance.

BTC.com’s data

Hashrate is the total computational power in the bitcoin network. The mining difficulty determines the amount of computing power it takes to find a new block in the blockchain. The parameter changes every 2016 blocks, or about once every two weeks. This ensures that the time it takes to find a block is around 10 minutes.

Situation with mining. On December 6, the bitcoin mining difficulty dropped by 7,32% to 34,24 T. This was the largest downward adjustment since July 2022. According to a prediction by VanEck associate Matthew Sigell, bitcoin could test $10 000-$12 000 levels as early as Q1 2023. This will be the result of numerous miner bankruptcies that will mark the lowest point of the crypto winter.

For more details on how the mining industry works in Russia, read GetBlock Magazine’s special feature.

Author: