Bitcoin Network’s High Difficulty Levels Poised to Ease Amid Longer Block Intervals
Upon achieving an unprecedented all-time high on
July 11, 2023, soaring to a staggering
53.91 trillion, Bitcoin’s difficulty is poised to decline by an estimated range of
3.9% to 4.04% come July 26, 2023. Block generation periods have been lagging behind their typical ten-minute average of late, registering at an elongated
12 minutes per block on July 21, and almost
11 minutes per block on the subsequent day.
The forthcoming recalibration of
Bitcoin’s difficulty is slated to happen on or about July 26. Following a notable rise of
6.45% on July 11, it’s projected that there could be a downward adjustment ranging from
3.9% to 4.04%.
Block intervals on
July 21 and 22 were longer than the usual ten minutes, lasting from
11 to more than 12 minutes.
Currently, as of
July 24, block times have shown
signs of improvement, marginally dipping below the ten-minute average and at times, leveling off slightly above it at ten minutes and
24 seconds.
Miners are still wrestling with the
protracted issue of clearing the backlog that’s been bottlenecking the blockchain for months.
