Despite the price drop, bitcoin’s hashrate has jumped significantly recently and block intervals have accelerated significantly. The trend suggests that when the difficulty of the blockchain network changes in four days, the change could increase significantly, as estimates show a change from 4.43% to 10.3%.
Bitcoin hash rate nears all-time high in June, ‘notable difficulty jump’ expected.
At the time of writing, bitcoin’s hashrate is soaring to 282.21 exahash per second (EH/s), which is only 3.35% lower than the network’s all-time record (ATH) recorded on June 8, 2022, at block height 739,928. The hashrate has increased significantly even though the price has dropped by 9% in 14 days, and the difficulty of mining has increased twice since August 4, 2022.
The crypto community has noticed the increase in pace, as the block interval rate (the time measured between each mined block) has increased. Thursday, Blocksbridge Consulting tweeted at about the block interval and said the company expects a sharp increase in challenges in the next shift.
The average #Bitcoin block interval between current height (751055) and last diff epoch (749952) is about 9.18 minutes 🤌
Expecting a notable difficulty jump in less than 6 days. pic.twitter.com/PgYlg2Ii3n
– BlocksBridge Consulting (@BlocksBridge_) August 25, 2022
“The average bitcoin block interval between the current height (751055) and the last diff epoch (749952) is about 9.18 minutes“, Blocksbridge Consulting wrote on Thursday. “A notable jump in difficulty is expected in less than 6 days“.
Additionally, current statistics indicate that the block interval time has dropped again and is 9:04 minutes at the time of writing. With the current data, the next retargeting date is expected to be August 31, 2022, with a possible increase of 10.3%. An increase of 10% or more would make discovering block rewards much more difficult for miners.
Not all difficulty and hash rate statistics are the same, and because they are harder to measure in real time, the estimates made through btc.com are not reliable they show a 4.43% increase in difficulty in four days. Whether it’s 4% or 10%, both of these figures are considerably higher than the last two increases in difficulty since August 4.
At the current rate of hashrate, the probability of an increase is most certainly in the cards. The data shows that since yesterday, August 25, bitcoin’s hash rate has increased by 44% in the past 24 hours. This increase has increased the likelihood that the network hashrate will experience another ATH in the near future.