While Miners Deal With Low BTC Prices, Bitcoin's Mining Difficulty Target Expected to Increase 3% Higher
Bitcoin’s mining difficulty target is expected to increase on Dec. 19, 2022, after printing the largest reduction recorded in 2022 on Dec. 5, at block height 766,080. During the last 2,016 blocks, Bitcoin’s hashrate has been around 254.3 exahash per second (EH/s), and block intervals have been faster at 9:41 minutes per block.
Bitcoin’s Difficulty Expected to Jump 3% Higher on Dec. 19, Bitcoin Average Mining Costs Are Higher Than the Current Spot Market Value
In roughly 24 hours, the Bitcoin network will experience another difficulty transition, and this time around it is estimated to increase. The increase is estimated to be around 3.2% to 3.76% higher than the current 34.24 trillion value. The rise would lift the 34.24 trillion to around 35.53 trillion on or around Dec. 19, 2022.
Data shows that while the network’s difficulty is increasing, BTC’s hashrate has been lower than the month prior. Bitcoin’s hashrate did tap a high of 316 EH/s on Dec. 1, 2022. The average block time or block interval is between 9:41 minutes per block to roughly 10:43 minutes per block
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