Miners could not mine a block of bitcoin for 85 minutes

A hitch occurred at block 759 054, which Luxor Pool eventually mined

18.10.2022 - 06:30

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What’s new? On October 17, it took miners 85 minutes to mine bitcoin block 759 054, while the average time provided by the blockchain algorithm is only 10 minutes. According to analyst Colin Wu on his Twitter, citing data from BTC.com, the block was eventually mined by the Luxor mining pool. He also noted that this situation caused a delay in transactions on the network.

The block time at Bitcoin height 759053 - 054 reached a rare 85 minutes, causing some transaction delays. In 2021, due to the ban on Bitcoin mining in China, the block time of 688436-437 reached 100 minutes. https://t.co/KweVuOrh7Q pic.twitter.com/hkboD2nQXL— Wu Blockchain (@WuBlockchain) October 17, 2022

More details about the situation. Colin Wu recalled that in 2021 after China banned mining, the interval to mining block 688 437 was 100 minutes. On October 10, bitcoin’s mining difficulty updated its historical low at 35,61 T. According to another recalculation, the average hashrate of the network rose to 263,5 EH/s.

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.

As of October 18, 06:50 UTC, BTC is trading at $19 650, having gained 2,17% per day, according to crypto exchange Binance.

Earlier, analysts at Hashrate Index reported that all public mining companies continued to increase their hashrate in August, they plan to increase capacity by almost 17 EH/s by the end of the year. The combined hashrate of the entire Bitcoin network could grow to 270-280 EH/s, according to experts.

To find out how Bitcoin’s hashrate growth affects miners, see GetBlock Magazine’s article.

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