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Bitcoin Miners Contend With Fifth Network Difficulty Increase of 2023

April 20, 2023


In less than two months, Bitcoin’s difficulty surged by over 22% and reached an all-time high on Thursday, April 20. The current difficulty of 48.71 trillion implies an exceptionally high average hash rate necessary for mining a new block. Specifically, a miner would need an average hashrate of 48.71 trillion hashes per second to stand a chance of mining a BTC block and earning the associated rewards and transaction fees.

As of now, the network’s hashrate hovers around 352.99 exahash per second (EH/s). According to data, the hashrate peaked at 440.80 EH/s on April 18 at block height 786,013. At present, with a hashrate of 352.99 EH/s, bitcoin mining pool Foundry USA dominates with 116.49 EH/s or 32.96% of the global hashrate.