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Bitcoin’s Hashrate Reaches Record-Setting High, Network Difficulty Expected to Follow Suit

By Simon LawsonJanuary 8, 20232 Mins Read
Bitcoin's Hashrate Reaches Record-Setting High, Network Difficulty Expected to Follow Suit
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Bitcoin’s hashrate, a measure of the computational power of the network, reached a record-high on January 6th, 2023, at block height 770,709. The network recorded a milestone of around 361.20 exahash per second (EH/s), a jump of more than 4% from the previous record of 347.16 EH/s recorded on November 12th, 2022.

Faster block intervals, the time between mined blocks, have been a result of the increased hashrate, falling between 8:51 and 7:31 minutes on average. The cost of producing Bitcoin has also dropped, with metrics from macromicro.me indicating that it is currently $16,568 per unit, while the spot price is $16,920 per unit. Some estimates put the average cost as low as $13,600 per unit.

The high hashrate is seen as a positive sign for the overall health of the Bitcoin network, but it could also lead to a significant increase in the difficulty of mining new blocks. The next difficulty adjustment is expected to take place on January 16th, with estimates ranging from a 7.04% increase to a potential record-setting 13.2% increase. The largest difficulty increase in 2022 was a 13.55% jump on October 10th.

Top mining pool Foundry USA currently holds 29.34% of the world’s total hashrate, or roughly 78.85 EH/s, followed by Antpool at 20.04%, F2pool at 16.74%, Viabtc at 9.71%, and Binance Pool at 7.85%.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
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