Bitcoin miners face two additional difficulty adjustments before the network’s halving event, which is rapidly approaching, with less than 4,300 blocks remaining. Data indicates the total hashrate has recovered from a minor dip, suggesting miners might see a decrease in difficulty at the next adjustment, set for on or around March 28, 2024. With the […]
Bitcoin News
Bitcoin Closes 2023 With 27 Dynamic Difficulty Adjustments, Netting a 74% Rise in Mining Challenges
Three days ago, on Dec. 23, 2023, Bitcoin marked its 27th and final difficulty adjustment for the year. This year witnessed 27 shifts in epochs, with the most substantial one on Jan. 15 at block 772,128, seeing a surge in network difficulty by 10.26%.
Bitcoin’s Year: 20 Ups, 7 Downs Total 74% Difficulty Surge
By Jan. 4, 2024, it’s anticipated that Bitcoin will undergo another uptick in mining difficulty. This metric, changing every 2,016 blocks or roughly two weeks, maintains the average interval between blocks at approximately 10 minutes. It does so regardless of the fluctuating mining power within the network. This mechanism stabilizes the issuance rate of new bitcoins, enhancing network security by making block discoveries more challenging as the hashrate either increases or decreases.
Throughout 2023, the network experienced a total of 27 difficulty changes, comprising 20 increases and seven decreases. The most notable hike was on Jan. 15, rocketing by 10.26%. Conversely, the smallest uptick was a mere 0.12% on Aug. 9, 2023, at block 802,368. The most significant drop occurred at the outset of the year on Jan. 2, 2023, plummeting by 3.59%, while the slightest decrease was 0.49% on Feb. 12, 2023, at block 776,160.
At the start of the first difficulty change in January 2023, the difficulty stood at 34.09 trillion and wound up escalating to 72.01 trillion by year’s end. This signifies an increase of 37.92 trillion over 12 months, with all rises amounting to a cumulative change of 89.35%. Conversely, all reductions totaled a decrease of 15.34%, cumulatively marking a network augmentation of 74.01% when considering both the increases and decreases combined.
Despite this escalating difficulty, bitcoin (BTC) miners have added an impressive 311 exahash per second (EH/s) of SHA256 hashrate since the start of the year. From Dec. 26, 2022, to Dec. 26, 2023, a total of 54,035 BTC blocks were mined. Foundry USA claimed the lion’s share, mining 16,494 blocks, which accounts for 30.52% of the year’s aggregate block rewards. Antpool secured 12,280 blocks or 22.73% of the total, while the remaining 25,261 blocks were distributed among over 40 other mining pools.
In 2023, Bitcoin’s enduring adaptability and robust network growth underscored its resilience and innovation. As we approach 2024, the community watches anxiously, ready to navigate the challenges and opportunities of increased mining difficulty. This year’s hashrate momentum sets the stage for continued evolution and commitment to securing the network and its pivotal role in the evolving digital economy Satoshi Nakamoto created.
What do you think about all the difficulty adjustments during the course of the year? Share your thoughts and opinions about this subject in the comments section below.
Layoffs Underway Amid Adjustments, Bitcoin Miner Bitmain Confirms
Months after it filed an application to go public on the Hong Kong Stock Exchange, Beijing-based cryptocurrency mining giant Bitmain is undergoing a series of business changes that extend even to its China offices, the company confirmed Tuesday. &8220There has been some adjustment to our staff this year as we continue to build a long-term, &8230
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
BTCC Mining Pool to Shut Down Indefinitely “Due to Business Adjustments”
BTCC, China’s oldest Bitcoin exchange, is shutting down its mining pool, which has been operating for more than four years, the company announced. The firm claims the decision to cease operations indefinitely from November 30 is due to business adjustments.
BTCC’s Mining Pool to Cease Operations Indefinitely from November 30
The cryptocurrency mining pool launched by Hong Kong-based Bitcoin exchange BTCC has been active since 2014.
Stating that the firm has earned the support and trust of the miners by providing a stable and transparent mining service for miners with security and low latency 24/7, BTCC asked digital currency miners to conclude their activity on the platform before the shutdown on November 15.
“Today, we regret to announce that due to business adjustments, the BTCC pool will shut down all mining servers on November 15 and will cease operations indefinitely from November 30. In order to avoid unnecessary losses, please miners to complete the power switch before November 15th, and bind the mining revenue address before November 20th, we will release the profits of all miners in time.”
Founded by Stanford science computer graduate Bobby Lee, brother of Litecoin founder Charlie Lee, the BTCC mining pool supports BTC, BCH, LTC, SBTC, BCD, and BTM mining.
As the pool’s servers, deployed in strategic locations worldwide, prepare to shut down in mid-November, BTCC will focus solely on cryptocurrency exchange services and crypto wallets from now on. Founded in June 2011 as BTCChina, the firm which was once the world’s second-largest digital currency operator by volume in October 2014, is thought to have almost 150 employees today.
The company chose to keep the reasons for the shutdown private, but made it clear that it remains a firm believer of Bitcoin and the blockchain industry, and seems to be promising an eventual return of its cryptocurrency mining pool.
“We firmly believe that the digital encryption assets and blockchain industry represented by Bitcoin will continue to develop and improve. You, remember, there will be echoes, we will see you again!”
Following the tightening of regulations within China’s crypto-space in early September 2017, BTCC’s Shanghai operation ceased trading on its domestic exchange. The firm shut down trading of cryptocurrencies such as Bitcoin and Ether, and stopped accepting new users.
BTCC has recently launched a subsidiary in South Korea with an office located in Gangnam. The operator has obtained ISO27001 certification, which is the international standard for information security management system, and South Korea’s information protection management system certification.
Featured image from Shutterstock.
The post BTCC Mining Pool to Shut Down Indefinitely “Due to Business Adjustments” appeared first on NewsBTC.