The Bitcoin Network is periodically setting new records, giving proponents more reason to believe that a considerable bull run might just be around the corner. Based on stats from crypto mining service BTC.com, Bitcoin’s hash rate on a two-week average, has hit 85 exashes per second (EH/s), cementing another record for the network. The milestone was set on Friday the 13th of September at 19:00 UTC and at a height of 594,720.
The BTC.com stat also shows that difficulty also increased by more than a trillion, from the 10.77 trillion figure it reached about two weeks before, to its near 12 trillion figure, a 10.38% addition. Both the difficulty and the hashrate in the last three months, have surged more than 60%.
The Bitcoin network’s mining difficulty describes how much effort and labour is required to mine each block. This difficulty usually changes for every 2,016 blocks mined, usually about a fortnight. There is a need for the amount of time used to mine a block to remain in the neighbourhood of 10 minutes and if difficulty remains stagnant and hash rates and mining machines increase, this time cannot be upheld.
It has been suggested that based on the fact that several new Application-Specific Integrated Circuit (ASIC) miners were released into the market over the last few months, each with a 55 TH/s average, it’s possible that within this same period, as many as 500,000 more machines may have joined the Bitcoin network.
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