Currently, the Bitcoin market is drifting under the $20K bar while the network’s hash rate is soaring high at an estimate of 266 exahash per second (EH/s) on October 7th in comparison to 247.87 EH/s on October 6th while the network hit its highest on October 5th valuing 272.81 EH/s.
Data suggests the relevance of the block times (which is the interval between each block minded) in context to the increase in the network, with the faster block times leading to the difficulty increases to be witnessed this year. The increase is expected at a possible rate jump from 9% to 13.2% higher. Analysts suggest the level of difficulty in bitcoin mining is expected to increase in the coming times, precisely on October 10th.
At the time of publishing, the Bitcoin is recorded at $19,504.50, which is a 0.14% drop from the previous day. With the current low prices of Bitcoin and the expected difficulty, while nearing the last all-time high, miners are exceptionally dedicating technical powers to the Bitcoin chain. The data from sources suggest that an increase of approx 9.34% can be expected and surpass the most significant increase in 2022.
Analysts expect that the hash rate in the coming times might slow down, whereas the block times might experience an increase ranging to the ten-minute scale and further pulling down the difficulty percentage.
Also, as per data, when in a time frame, 2,016 blocks are discovered, the difficulties in the network make it harder or easier to find a Bitcoin block depending upon the speed at which the previous 2,016 blocks were discovered. If the blocks were discovered too fast, the algorithm would adjust the difficulty level higher. In contrast, if the discovery of blocks were slow, the difficulty level would deteriorate.