Bitcoin inter-block interval unexpectedly reached 85 minutes
Bitcoin block #759,054 took 85 minutes, instead of ~10 minutes prescribed by the blockchain algorithm. It was mined by the Luxor pool.
The block time at Bitcoin height 759053 — 054 reached a rare 85 minutes, causing some transaction delays. In 2021, due to the ban on Bitcoin mining in China, the block time of 688436-437 reached 100 minutes. https://t.co/KweVuOrh7Q pic.twitter.com/hkboD2nQXL
— Wu Blockchain (@WuBlockchain) October 17, 2022
In 2021, amid the cryptocurrency mining ban in China, the interval between blocks #688,436 and #688,437 reached 100 minutes, recalled by reporter Colin Wu.
On October 10, as a result of another adjustment, Bitcoin mining difficulty set a historical maximum at 35.61 TH/s. The 13.55% rise was the largest since May 2021.
During the approximately two-week period before the adjustment, the average block interval was under 9 minutes.
According to Glassnode, on October 11 the Bitcoin hash rate (smoothed 7-day moving average) hit a record of 266.17 EH/s. The metric has risen exponentially since the end of September. At the time of writing the value was around 263 EH/s.
Analysts from the analytics firm ‘pain threshold’ for miners at $18,300. At the time of writing the first cryptocurrency was trading near $19,455 (CoinGecko).
In the midst of a market downturn, only the American firm Compute North filed for bankruptcy among major market players.
Arcane Research noted that publicly traded mining companies have incurred losses due to crypto-winter. Meanwhile, the firm‘s analysts indicated a resilient financial position of industry-listed companies.
As a reminder, in June public miners for the first time sold more Bitcoin than they mined. Companies sold nearly a quarter of Bitcoin reserves, liquidating about 14,600 BTC. Almost half of the volume was attributed to Core Scientific.
In July the trend continued: with total mining of 3,478 BTC, firms sold 5,768 BTC.
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