Bitcoin’s mining difficulty target is expected to increase on Dec. 19, 2022, after printing the largest reduction recorded in 2022 on Dec. 5, at block height 766,080. During the last 2,016 blocks, Bitcoin’s hashrate has been around 254.3 exahash per second (EH/s), and block intervals have been faster at 9:41 minutes per block.
Bitcoin Difficulty Expected to Hit 3% Higher on Dec 19, Average Bitcoin Mining Cost Higher than Current Spot Market Value
In about 24 hours, the bitcoin network will experience another difficulty transition, and this time it is predicted to increase. The increase is estimated to be around 3.2% to 3.76% higher than the current ₹34.24 trillion value. The increase will take the 34.24 trillion to about 35.53 trillion on or around December 19, 2022.
Data shows that while the network’s difficulty is increasing, BTC’s hashrate has been lower than the month prior. Bitcoin’s hashrate did tap a high of 316 EH/s on Dec. 1, 2022. The average block time or block interval is between 9:41 minutes per block to roughly 10:43 minutes per block.
The estimated 3% change is taking place after the last difficulty change, which saw a decrease of approximately 7.32% at block height 766,080 on 5 December. The network’s mining difficulty retarget for 2022 was the largest reduction on record that day. If the predicted increase occurs on December 19, 2022, roughly 3% of the recent shortfall will be erased, making it more difficult for miners to find BTC blocks. ,
During the past three days, Foundry USA has been the Bitcoin network’s top mining pool with 27.05% of the overall hashrate or 66.59 EH/s. Foundry is followed by Antpool (53.51 EH/s), F2pool (35.08 EH/s), Binance Pool (31.51 EH/s), and Viabtc (22 EH/s) respectively. 414 block rewards were discovered during the last three days and the top five aforementioned mining pools discovered 351 of those blocks.
On December 17, macromicro.me statistics showing the average bitcoin mining cost based on metrics from the University of Cambridge showed that the cost was around $19,806, and on December 18, BTC was priced around $16,700 per bitcoin.
