Bitcoin Difficulty Soars to Record 62.46 Trillion, Miners Unfazed Amidst Tight Competition Between Foundry and Antpool

On October 29, 2023, Bitcoin’s difficulty rose 2.35%, reaching a record 62.46 trillion. This uptick represented the fourth consecutive rise over the preceding six weeks. The next difficulty epoch is slated for November 12, 2023, and as it stands, the recent spate of increases seems to have left miners undeterred, with the total hashrate demonstrating both resilience and stability.

Bitcoin Difficulty Marks 2.35% Uptick in Fourth Consecutive Rise

After a 6.47% increase on October 16, Bitcoin’s difficulty has risen again. On October 29, 2023, at block height 814,464, the network saw a 2.35% boost in difficulty, moving from 61.03 trillion to a new high of 62.46 trillion.

This development has made mining bitcoin block rewards more challenging than at any previous point in history. Despite this increased complexity, bitcoin miners remain unfazed, sustaining a total hashrate of just above 450 exahash per second (EH/s).

Currently, block times remain below the ten-minute average, with data indicating speeds ranging from nine minutes and 17 seconds to slightly above the nine-minute mark per block. A total of 42 mining pools are contributing a minimum of 3 gigahash per second (GH/s) to the Bitcoin blockchain.

Furthermore, nearly 17 pools boast upwards of 1 EH/s of hashpower dedicated to mining bitcoin. On October 30, 2023, around 26 mining pools are operating with approximately 1 petahash per second (PH/s) of hashpower.

A mere 48 hours ago, Antpool held the reins as the predominant mining pool. However, recent statistics reveal that Foundry has taken the lead, boasting 27.02% of the total hashrate, while Antpool follows closely with 26.58%.

Together, these two pools govern a staggering 53.6% of the network’s entire hashrate. Over the past week, Foundry and Antpool have been locked in a close race in terms of hashrate, with Foundry slightly ahead on October 30, with 120 EH/s compared to Antpool’s 118 EH/s.

What do you think about the recent difficulty rise? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman