Bitcoin Mining Difficulty Expected to Soar by About 10% Today

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Bitcoin (BTC) miners are bracing up for a jump in difficulty as the complexities that miners must overcome to solve valid blocks are expected to soar by about 10% in the network’s upcoming adjustments.

According to mining insights from the on-chain data site, Coinwarz.com, the next Bitcoin difficulty adjustment is estimated to happen today, Jan 15, 2023, 10:25:48 PM UTC. This adjustment will see the BTC mining difficulty increase from 34.09 trillion to an all-time high of 37.40 trillion.

This represents a 9.69% jump, which will take place in 52 blocks. As of the time of writing, the current BTC difficulty is 34.09 trillion at block 772,077, resulting in a mining difficulty increase of 0.00%.

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With this estimate, it would mean that Bitcoin miners would need 37.40 trillion hashes to find a valid BTC block and add it to the blockchain. At the moment, Foundry USA, Antpool, and F2pool currently top the mining pool chart with 37.08%, 20.21%, and 12.50% respectively during the last three days.

Despite the volatility in Bitcoin price, the increase in mining difficulty and hash rate are strong indicators of the security of the Bitcoin network.

Bitcoin difficulty is the statistical measure of how many hashes must be generated to find a valid solution to solve the next Bitcoin block and earn the mining reward. These difficulty adjustments happen roughly every two weeks.

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Bitcoin Miners face a Difficult Season

Even though Bitcoin has been on a bullish run in the last couple of days and now presently sits at $ 20,897.80 according to CoinMarketCap, Bitcoin miners have not really had it good recently.

According to a previous report by TheCoinRise, 10 publicly listed miners including the likes of Riot, Core Scientific, Bitfarms Cleans Park, Marathon, Hut8, HIVE, Iris Energy, Argo, and Bit Digitals sold nearly 100% of the Bitcoin collectively mined from last year. 

Recall that the poor market performance of BTC has greatly impacted the mining revenue earned by stakeholders in the space. As a result, there has been a consistent decline in the revenue gauge as well as an increase in network difficulty and computational demand.

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