Bitcoin Took More Than One Hour to Mine One Block

• The mining difficulty roses to $35.6 trillion, and bitcoin mining is becoming more pricey than ever.
• Bitcoin blockchain faced glitches on 17 October 2022. 

On 17 October 2022, it was reported that mining one block of bitcoin took more than one hour, leaving over thousands of transactions in unconfirmed states.

As per on-chain data from blockchain.com, the estimated time between the two recently mined blocks, Foundry USA and Luxor, was around 85 minutes.

Mempool noted that approximately 13,000 transactions were in unconfirmed states before the latest block was mined. 

In the first week of October, bitcoin experienced a challenging adjustment to confirm that blocks continued to be verified every 10 minutes. 

The mining difficulty roses to $35.6 trillion, and bitcoin mining is becoming more pricey than ever. BTC mining giants are battling with rising electricity prices and increasing volatility in the crypto market.              

On 16 October morning, bitcoin’s hash rate increased from 248.8 at 11 pm the previous day to 264.5 Eh/s. So the deceleration in mining blocks was not due to a reduced hash rate of 759,054. During the first half of October, with normal block times, the hash rate dropped to 240 Eh/s.

The estimated time to mine one block of bitcoin is 10 minutes.  

On Oct 9, 2022, TheCoinRepublic highlighted that Bitcoin mining firms are planning to expand their hash rate by almost 50% till the end of this year. 

Arcane Research predicted Bitcoin’s hash rate on Oct 6, 2022, through a post. It must be noted that “hashrate” is an indicator that measures the mining ability of any machine connected to the Bitcoin blockchain.   

Although the estimated time to mine one block of BTC is 10 minutes, the glitch on Monday took around six times to mine one block than its original time.  

Such glitches can result in big issues in upcoming times, so the developers need to take strict actions against the same.

According to data from CoinMarketCap, While writing this article, Bitcoin is trading at $19,550.67 with a 24-hour trading volume of $28,809,100,474. 

The prices of cryptocurrencies are still struggling, and in the last few weeks, Bitcoin didn’t trade above $21K. 

Bitcoin’s highest trading price in the last seven days was $19,889.15 on October 14.   

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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