Bitcoin Reached All Time High In Mining Difficulty, Raised to 3.44%
Sunday, October 23, 2022, Bitcoin recorded another rise in mining difficulty, rising 3.44% to block height 760,032.
Not only is finding a bitcoin block subsidy 3.44% harder, but the network’s mining difficulty has also reached 36.84 trillion, an all-time high.
Another Lifetime High
There was a 3.44% increase in Bitcoin’s (BTC) mining difficulty over the weekend compared to the height miners dealt with during the past two weeks or during the last 2,016 blocks.
After a 3.44% shift on Sunday evening (ET), the network’s difficulty reached a lifetime high of 36.84 trillion. At block height 758,016 on October 10, 2022, Bitcoin’s difficulty increased by 13.5%.
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On October 11, 2022, at block height 758,138, BTC’s total hashrate reached an ATH due to the 13.55% difficulty increase, the largest in 2022.
In October 2011, the network had a hashrate of 325.11 exahash per second (EH/s), which equals three hundred twenty-five quintillion one hundred ten quadrillion hashes per second.
According to Bitcoin.com News on october 21, the network’s hashrate has not been affected by the lifetime high difficulty and lower BTC prices, as Bitcoin’s computing power remains strong.
The Reason Behind The Difficulty Increased
The reason behind there has been an increase in difficulty on Sunday is due to the 2,016 blocks being mined faster than their average over the last two weeks. BTC’s hashrate is currently between 260 and 275 EH/s.
On Sunday, October 23, 2022, at 5 pm (ET), BTC’s block time average was around 8:79 minutes. Block intervals were between 8:30 and 9:35 minutes according to the October 21 mining update highlighting the network’s hashrate strength.
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The difficulty retargets in Satoshi’s algorithm aim to keep block intervals at ten minutes per block on average.
When the 2,016 blocks between difficulty retargets are less than the two-week average, then the difficulty will rise, and if the 2,016 blocks require too long to mine (more than two weeks), then a decrease will occur.
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