Bitcoin Mining Difficulty Maintains Upward Trajectory, Hits Record High

Compared to its peak recorded in mid-August 2022, the mining difficulty for Bitcoin (BTC) remains significantly high. For instance, the difficulty was roughly 28.35 trillion on August 17, 2022, just before the year’s third-largest difficulty spike. Finding a bitcoin (BTC) block now is harder than it was in mid-August, thanks to data showing that the difficulty has increased by 29.66% since August 17.

Even though the decrease of 0.20 percent is considered small, miners will still benefit from it because it prevents the difficulty from increasing. The overall hashrate of Bitcoin at the time of writing is around 269.86 exahashes per second (EH/s). Records show that the previous record for BTC’s total hashrate (321.15 EH/s), set on October 5, 2022, has been surpassed by one set on October 31. At block height 761,186 on that day, Bitcoin’s overall hashrate hit a record high of 327.35 EH/s.

The network’s mining difficulty decreased as a result of a decrease in block generation rate. As of this writing, block intervals are just over 10 minutes because the current block generation time is 10 minutes and 6 seconds. This implies that when it changes again on November 20, 2022, another difficulty reduction may be in store, at least at present speeds. But in two weeks, or 2,016 blocks, a lot may change, and the latest 0.20% cut is beneficial to miners.

Foundry USA Emerges Best Bitcoin Mining Pool

According to three-day data, Foundry USA is currently the best bitcoin mining pool. With 84.07 (EH/s) of SHA256 hash power devoted to the Bitcoin chain, Foundry controls 31.47% of the world’s hashrate. Antpool, F2pool, Binance Pool, and Viabtc, in that order, come after Foundry. With 10.59 EH/s, or 3.96% of the global hashrate, unknown hashrate or stealth miners control the sixth largest pool in terms of hashrate size.

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