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Following the change in network difficulties six days ago on September 27, Bitcoin’s hash rate surpassed 295 exahash per second (EH/s) twice in the first two days of October. Currently, the network is running at 229 EH/s, and block intervals have been faster than the ten-minute average, meaning another difficulty adjustment is likely in the cards. With Bitcoin’s mining difficulty looking like it will hit a new all-time high (ATH), the network’s hashrate has increased exponentially from six million hashes per second to the recent two hundred and ninety-five quintillion hashes per second.
Bitcoin’s computing power is much stronger than it was 13 years ago. The network’s mining difficulty reached an all-time high recently on September 13, 2022, at block height 753,984.
The height the mining difficulty reached was about 32.05 trillion hashes, and there is a high probability that the network will see an upward adjustment on or around October 11, 2022. Statistics show that the difficulty can be anywhere from 4.22% higher to 10.7%.
Despite a lower bitcoin (BTC) US dollar rate and a difficulty close to ATH, miners have continued to increase their hash power. In fact, there is no computer network today that has grown exponentially at the same rate as the Bitcoin network’s hashrate has grown over the past decade.
On January 19, 2009, Bitcoin’s hash rate was approximately six million hashes per second (6,290,000) and using the latest 295 EH/s recording, that equates to two hundred and ninety-five quintillion hashes per second (295,000,000,000,000). These two data points indicate that the network’s hashrate has grown four quadrillion percent higher in 13 years.
Current block times have been less than the ten-minute average of 9:01 minutes at the time of writing. On October 1, 2022, the block interval was even faster with 7:95 minutes between blocks. Difficulty adjustments are much more common every two weeks than they were in the early days (pre-2010).
It wasn’t until February 2, 2010, or block height 40,320 that the difficulty rose above 1 hash and by September 18, 2017, at block height 485,856 Bitcoin’s network difficulty rose above 1 trillion hashes for the first time.
Just like the hash rate, Bitcoin’s mining difficulty has also increased exponentially, increasing by three quadrillion percent since February 2, 2010, or over the last 4,626 days. At the time of writing, more than 756,888 bitcoin blocks have been mined and 1,831,949.98 BTC remain to be mined.
What do you think of the Bitcoin network’s exponential hash rate growth and difficulty adjustments in recent times? Let us know what you think about this topic in the comments section below.
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