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While Bitcoin’s mining difficulty was expected to decrease two days ago on June 8, the difficulty instead increased by 1.29% on Wednesday. On the same day, at a block height of 739,928, Bitcoin’s hashrate reached an all-time high (ATH) reaching 292.02 exahash per second (EH/s).
Bitcoin’s blockchain secured by nearly three hundred billion hashes per second
The Bitcoin network has never been stronger this week, with the protocol’s computing power hitting an all-time high on Wednesday. In fact, at 292.02 EH/s, the network approached the 300 EH/s region for the first time.
The last ATH hashrate was on May 2, 2022, at Bitcoin block height 734,577, when it reached 275.01 EH/s. The jump to 292.02 EH/s 37 days later was about 6.18% higher than the May 2 ATH. Wednesday’s ATH was only 2.73% away from hitting 300 EH/s or 0.3 zettahash per second (ZH/s).
The hashrate was so high that the Difficulty Adjustment Algorithm (DAA) that was supposed to decrease increased by 1.29%. Three days ago, June 7, the difficulty was expected to see a reduction of 0.51%.
Despite the 1.29% increase, the difficulty is still below the ATH of 31.25 trillion recorded on May 10, 2022. The network difficulty is currently at 30.28 trillion and it is expected to remain at this metric until on the retarget date of June 21. It’s about ten days from now or about 1,600 blocks until the next DAA change.
At 292 exahashes per second, two hundred and ninety-two quintillion hashes per second (H/s) were dedicated to Bitcoin blockchain security on Wednesday. Three-day stats show Foundry USA was the top mining pool, with fifty-two quintillion four hundred and twenty quadrillion H/s or 52.42 PE/s.
Foundry discovered 109 Bitcoin reward blocks out of the 475 blocks mined in the past 72 hours. Antpool’s hashrate hovered around 35.11 EH/s or thirty-five quintillion one hundred and ten quadrillion H/s. Antpool found 73 blocks out of the 475 found blocks and F2pool captured 32.EH/s and discovered 67 blocks in the last three days.
The current hash speeds and the speed needed to mine the next 1,600 blocks will determine the next difficulty change. Currently, using today’s measurements, the difficulty is expected to increase by 1.52% from the current position, but this estimate is subject to change.
What do you think of Bitcoin’s hashrate hitting an all-time high of 292 exahash per second? Let us know what you think about this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
