Bitcoin Difficulty Adjustment #323
Timestamp: UTC 00:19:52, Sunday, October 4th, 2020
Block Height: 651,168
Difficulty: 19.30 T — 0.09%
Average Network Hashrate: 138 EH/s
Average Block Time Interval: 601 seconds
Difficulty Period: 14.02 days
Hashprice: $0.077 per TH/d
Poolin Hashrate: 21.19 EH/s
Poolin Workers: 750,658
At the outset of this past difficulty period, Bitcoin’s network hashrate was trending slightly downward after hitting it’s new all time high. The mining network established a local low of 134 EH/s on Thursday, September 24th before bouncing up to a local top nearly a week later of a 143 EH/s last Wednesday, September 30th. Since then, the hashrate has dropped slightly consolidating at 138 EH/s, thus ending the difficulty period where it started.
There is some clear consolidation occurring. Ever-smaller downswings in hashrate have culminated with current support forming above 130 EH/s. This support remains of course contingent on current price levels holding.
Bitcoin’s previous difficulty adjustment was 14.02 days ago on September 19th — block height 649,152 — where the difficulty increased by 11.35% from 17.35 T to 19.31 T. Before this substantial hike in difficulty, the average block times were already beginning to decelerate slightly. The last difficulty adjustment set the appropriate standard for the current environment given that the network has completed it’s two-week period almost exactly on time, keeping the hashrate within a tight range, slightly raising the lower boundary, yet preventing a break out above the previous all time high.
Looking at the block interval since the last difficulty adjustment, the average block time started well below the 600 second benchmark, but is now right on cue.
The increased network difficulty in addition to steady price action inside a tighter range has caused mining revenue to remain between $0.07 and $0.08 USD per Terahash per day. On the chart below we can see that the hashprice since the last adjustment has been trending slightly upward with a recent uptick closer to $0.08 USD per terahash per day occurring after the current difficulty began on October 4th.
Poolin’s hashrate has remained steady since the last difficulty adjustment, maintaining its all time high of 21 EH/s.
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Last week, Poolin VP Alejandro de la Torre was featured on Amsterdam’s De Bitcoin Show (in Dutch) with Aaron van Wirdum of Bitcoin Magazine and Jan Burgers to discuss the rise in bitcoin’s hashpower, the FinCEN files, transaction monitoring, and crypto bank charters.