Bitcoin Mining Difficulty Adjusts Upwards: A New Historical Record
According to reports, according to OKLink data, the mining difficulty of Bitcoin has undergone an adjustment at the block height of 786240, with a slight increase of 1.7% to 48.72
According to reports, according to OKLink data, the mining difficulty of Bitcoin has undergone an adjustment at the block height of 786240, with a slight increase of 1.7% to 48.72 T, continuing to reach a new historical high. At present, the average computing power of the entire network is 355.32EH/s.
Data: Bitcoin difficulty increased by 1.7% to 48.72T, setting a new historical high
Bitcoin has undergone a long journey in terms of mining difficulty since it came into being back in 2009. It had a rather simple mining difficulty in the beginning; however, as time passed, this difficulty gradually increased, making bitcoin mining much more challenging for miners. Currently, Bitcoin mining is highly competitive, with only those with large computing power having a chance to mine it successfully.
According to OKLink data, the mining difficulty of Bitcoin has undergone an adjustment at the block height of 786240, with a slight increase of 1.7% to 48.72 T, continuing to reach a new historical high. At present, the average computing power of the entire network is 355.32EH/s.
What is Bitcoin Mining?
Bitcoin is a decentralized digital currency that operates entirely on a peer-to-peer network. Unlike traditional currencies, Bitcoin does not have a central issuing authority, and the currency is created through the process of mining. Bitcoin mining involves the processing of transactions in the blockchain ledger in exchange for rewards in the form of new bitcoins.
The Impact of Bitcoin Mining Difficulty Adjustment
Bitcoin mining difficulty is adjusted automatically every 2016 blocks, which takes approximately 14 days, depending on the hashing power joining or leaving the network. The mining difficulty of Bitcoin is a parameter that determines how difficult it is to mine Bitcoin blocks.
This adjustment is computerized and is based on a formula that considers the amount of computing power being used by miners to mine Bitcoin. Mining difficulty adjustments are important because they help to ensure that new blocks are created at a steady rate, making Bitcoin a predictable and reliable currency.
The slight increase in Bitcoin mining difficulty is actually good news for miners. It signifies that the Bitcoin network is becoming more secure and robust, and the blockchain is becoming stronger and more trustworthy. For miners, this will also mean higher incomes from mining activities.
The Rising Trend of Bitcoin’s Mining Difficulty
Bitcoin has continued to experience progressive mining difficulty over the years, and the trend is expected to continue because the number of miners joining the network is consistently increasing. The mining difficulty of Bitcoin will always adjust to ensure that there is a consistent rate of block generation. The ultimate goal is to maintain a stable supply of bitcoins and keep the network secure.
The Future of Bitcoin Mining
Bitcoin mining is a vital element that is critical to the success of the Bitcoin blockchain network. The growing interest in Bitcoin mining has seen an increase in specialized mining hardware, such as ASICs, which are designed to mine Bitcoin more efficiently.
The future of Bitcoin mining is promising, and it is expected that the mining difficulty of Bitcoin will continue to rise as more miners join the network. Future mining hardware will be more powerful, making mining more efficient and potentially more accessible.
Conclusion
The 1.7% increase in Bitcoin mining difficulty at the block height of 786240 has led to a new historical high of 48.72 T. This upward adjustment is a positive sign that the Bitcoin network is becoming more secure and robust, and the blockchain is becoming more trustworthy. The future of Bitcoin mining continues to look bright, with the network expected to become more stable and secure.
FAQ
1. What is Bitcoin mining?
Bitcoin mining is the process of using computing power to process transactions on the Bitcoin network, in exchange for new bitcoins.
2. What is mining difficulty?
Mining difficulty is a metric that determines how difficult it is to mine Bitcoin blocks. It adjusts every 2016 blocks and is based on the amount of computing power being used by miners.
3. Why is Bitcoin mining important?
Bitcoin mining is critical to the success of Bitcoin. It ensures the stability of the network, the generation of new Bitcoins, and encourages more people to get involved in the cryptocurrency world.
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/17540/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
Will the Federal Reserve Really Raise Interest Rates in May?
On April 14th, it was reported that futures linked to the Federal Reserve\’s policy interest rate continued to bet on Friday that the Federal Reserve would raise interest rates by a
-
Strengthening Tools for Reviewing Non-Bank Companies: The FSOC’s Proposal
According to reports, the highest financial regulatory body in the United States has proposed strengthening tools for reviewing non bank companies, including revising guidelines fr
-
Helium’s Migration to Solana Blockchain Postponed
It is reported that the date for the migration of the decentralized wireless communication network Helium to the Solana blockchain will be postponed from March 27 to April 18. This is the result of a vote by its preparatory working group, which aims to provide more time for community preparation, necessary governance votes, more testing, and operational improvements. （Medium） Helium postponed migration to Solana blockchain until April 18th Analysis based on this information:Helium, the decentralized wireless communication network announced that its migration to the Solana blockchain that was scheduled for March 27, has been postponed to April 18. The decision came after a vote by Helium’s preparatory working group, as they believe that more time is needed for community preparation, governance votes, testing, and operational improvements. The Helium network is a peer-to-peer wireless communication network that aims to create a distributed IoT infrastructure for tracking and communication. It uses a unique model called Proof-of-Coverage (PoC) to validate wireless coverage provided…
-
FDIC to pay Advance Dividend to Uninsured Depositors of Silicon Valley Banks
According to reports, Watcher.guru disclosed information on social media, the Federal Deposit Insurance Corporation (FDIC) of the United States said that it would pay a certain proportion of deposit funds to uninsured depositors of Silicon Valley banks as “advance dividend”. FDIC will pay a certain proportion of funds to uninsured depositors of Silicon Valley Bank Analysis based on this information:According to a report by Watcher.guru on social media, the Federal Deposit Insurance Corporation (FDIC) of the United States has disclosed its plan to pay a certain proportion of deposit funds to uninsured depositors of Silicon Valley banks as “advance dividend”. This plan is a proactive measure taken by the FDIC to mitigate the risks associated with the financial instability of Silicon Valley banks. The FDIC is a U.S. government agency that provides insurance to deposit accounts in the United States in the event of a bank failure. It was established in 1933, during the Great Depression, to restore public confidence…
-
#The Cortina Upgrade: A Breakthrough for Avalanche’s X-Chain
According to reports, Avalanche\’s Cortina upgrade is available online for Protocol testing. Cortina makes it easier for exchanges to support Avalanche\’s X-Chain, which the protocol
-
Salesforce and Polygon Partner to Offer NFT-Based Loyalty Plans
On March 18th, Ryan Wyatt, President of Polygon Labs, announced on social media that Salesforce, a customer relationship management (CRM) software company, has partnered with Polygon to develop an NFT-based loyalty plan. Salesforce will help its customers join Polygon through its management platform and create an NFT-based loyalty plan. President of Polygon Labs: Salesforce has partnered with Polygon to launch an NFT-based loyalty program Analysis based on this information:Salesforce, a leading cloud-based software company specializing in customer relationship management (CRM), has partnered with Polygon Labs to launch an NFT-based loyalty plan. This announcement was made by Ryan Wyatt, President of Polygon Labs, on March 18 through his social media handle. The move by Salesforce to partner with Polygon is a significant step towards leveraging blockchain technology in a customer loyalty program. The use of NFTs in loyalty plans offers many benefits, including transparency, traceability, and security. Unlike traditional loyalty programs that require a centralized system, NFT-based plans are decentralized, ensuring…
-
How do miners mine and what do they hold in their hands (mining worker mining video)
How do miners mine and what do they hold in their hands? Editor\’s note: This ar
-
Helius Launches Solana NFT Compression to Reduce Costs for Developers
On March 10, Helius, a provider of Solana development tools, has launched Solana NFT Compression. Developers can cast a large number of NFT at low cost through…
-
The Power of USDC: A New Era of Stable Currency
On April 12, it was reported that in the round table discussion on \”the basic elements of stable currency\” at the 2023 Hong Kong Web3 Carnival, Joao Reginatto, Vice President of Ci
-
What is B99 in the Watt Exchange (WBF Watt Exchange App Download)?
What is B99 in the Watt Exchange? According to official news, the Watt Exchange
-
BTC Reserves of Exchange Wallets Fluctuate Wildly in Past 24 Hours
It is reported that in the past 24 hours, the BTC reserve in the wallet address of the exchange has changed as follows:
Bitfinex wallet addresses have flowed into approximately 416 -
Bybit Launches Web3 Pledge Pool with ETH Pledge Option Before Ethereum Shanghai Upgrade
It is reported that the Cryptocurrency Exchange Bybit announced the launch of a Web3 pledge pool that supports the ETH pledge option before the upgrade of Ethereum Shanghai. It is
-
What is Bitcoin mining power (Bitcoin mining power variation)
What is Bitcoin mining power? How is Bitcoin mining power calculated? In the Bi
-
FDIC Seals up Banks in Silicon Valley: Digital Assets Should Not be Held by Banks
According to reports, Gabor Gurbacs, director of digital asset strategy of VanEck, an investment management company in New York, said on social media that FDIC…
-
Aave Community’s Discussion on Temperature Inspection and Governance for Migration from V2 to V3 on Ethereum
On April 5th, the Aave community initiated a discussion on temperature inspection and governance to promote the migration of V2 to V3 on Ethereum. During the discussion, it was men
-
The Future of Cryptocurrency: Learning from Mistakes of the Past
On March 18th, Zhu Su, co founder of Sanjian Capital, stated on social media that most of the recent mistakes in the cryptocurrency industry are due to the introduction of tradfi ideas, such as “shadow banking” and “process internalization”. The next round of cryptocurrency bull market will be driven by people who are aware of these issues. The underlying cryptocurrency infrastructure itself is a new paradigm. Zhu Su: Most of the mistakes in the encryption industry are due to the introduction of traditional concepts such as “shadow banking” Analysis based on this information:In recent years, the cryptocurrency industry has witnessed significant growth, but it hasn’t been without mistakes. Cryptocurrencies initially attracted attention for their decentralized nature and anonymity, allowing users to send and receive funds without the need for intermediaries. However, with rapid growth came the influx of traditional finance (tradfi) ideas, leading to severe mistakes in the industry. Zhu Su, co-founder of Sanjian Capital, recently took to social media…