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As Bitcoin's Hashrate Remains Elevated, BTC's Mining Difficulty Expected to Reach a Lifetime High – Mining Bitcoin News – Bitcoin News

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by Jamie Redman
During the last month, Bitcoin’s hashrate has been coasting along above the 200 exahash per second (EH/s) zone, minus a number of drops here and there above and below that range. Following two difficulty changes that saw the difficulty decrease by 1.84%, the network’s difficulty is expected to increase 4.24% within the next 13 hours.
Bitcoin miners caught two breaks during the last month when the difficulty dropped two times in a row. The first 1.49% drop occurred at block height 725,760 on March 3, 2022, and the second decrease was a 0.35% drop, which occurred at block height 727,776 on March 17, 2022.
The two consecutive drops made it 1.84% easier for all the mining participants to find BTC blocks. While the difficulty was 27.97 trillion prior to the two reductions, the current difficulty is 27.45 trillion on Wednesday morning at 8:00 a.m. (ET). Within the next 13 hours, the difficulty is expected to increase this time around, jumping 4.24% higher if current estimations are correct.
With an expected 4.24% difficulty increase taking place, Bitcoin’s network difficulty will break records by reaching an all-time high (ATH). If the difficulty increases 4.24%, then the difficulty will be 28.62 trillion for the next two weeks that follow. Miners will deal with the hardest difficulty parameter they have ever dealt with in their mining careers.
Moreover, the difficulty changes that have taken place since January 1, 2020, after block height 610,848, moved at the fastest pace in the network’s lifetime. For instance, it took 4,015 days to get to a difficulty rating of 13.80 trillion, or over ten years. From that point after block height 610,848, with a difficulty rating of 13.80 trillion, it took only 820 days or just over two years to reach the current 27.45 trillion.
At the time of writing, the network’s hashrate is coasting along at 204.27 EH/s and has remained high during the last two weeks. While the hashrate has been fluctuating it has tapped a low of 153.97 EH/s on March 6, and a high of 246.88 EH/s on March 22. At the same time, the top mining pool on Wednesday is Foundry USA with 17.54% of the global hashrate. Foundry USA has 35.88 EH/s of hashpower and has found 77 blocks during the last three days.
In terms of global hashrate positions, Foundry USA is followed by Antpool, Binance Pool, Poolin, and F2pool, respectively. Over the last 30 days, Foundry USA and Antpool have been the top two mining pools finding the most blocks (1,480 blocks combined) last month. It will be interesting to see how the mining pools deal with the upcoming difficulty ATH. Observers will be watching to see how bitcoin miners and the hashrate react to the epoch difficulty change.
What do you think about the network’s upcoming difficulty change? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Polygon Announces Zero-Knowledge Identity Platform for Web3
On March 29, Polygon, the layer two (L2) scaling solution that runs parallel with the Ethereum blockchain, has announced a new identity platform called Polygon ID. While the protocol is is still under development, Polygon ID is powered by zero-knowledge … read more.
Kenya Central Bank Governor: Low Smartphone Penetration Working Against Plan to Launch CBDC
According to Patrick Njoroge, the governor of the Kenyan central bank, the significant number of non-smartphones that are in use in Kenya means launching a central bank digital currency (CBDC) now may be premature and could lead to many citizens … read more.
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Crypto market volatile; Terra Classic Lunc leads the laggards, Bitcoin above $19k | Mint – Mint

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  • The American currency scaled past the 111 level against a basket of currencies — making cryptocurrencies against the greenback vulnerable as well. Currently, there is a steep plunge in trading volumes of cryptocurrencies.

Cryptocurrencies are trading volatile tracking feeble global equities after recession fears in major economies like the US and Europe sparked. The US Fed’s aggressive approach to tame inflation at the cost of economic growth further dampened the mood. Fed has hiked the rate by another 75 basis points. Wall Street and European stocks slipped sharply last week, while energy prices settled lower and bond yields climbed to multiyear highs. The American currency scaled past the 111 level against a basket of currencies — making cryptocurrencies against the greenback vulnerable as well. Currently, there is a steep plunge in trading volumes of cryptocurrencies.
On CoinMarketCap, at the time of writing, the global crypto market is at $939.57 billion up by 0.28% over the last day. However, total crypto market volume dropped nearly 37% over the last 24 hours and is at $49.82 billion.
Meanwhile, the total volume in DeFi is currently at $3.11 billion — 6.25% of the total crypto market 24-hour volume. The volume of all stablecoins is now $45.65 billion which is 91.63% of the total crypto market 24-hour volume.
Ethereum is the top trending cryptocurrency today followed by PancakeSwap and XRP.
The crypto leader Bitcoin is trading at a little over 19,000 mark at $19,090 up by 0.5%. Its market cap is nearly $366 billion. The digital coin’s dominance is currently up by 0.12% over the day at 38.95%.
Meanwhile, the second largest cryptocurrency Ethereum is performing near $1,331 and is up by 0.75%. Its market cap is around $163.3 billion.
Recently, Ethereum launched the most-awaited Merge which led to a transition of proof-of-stake consensus, officially deprecating proof-of-work and reducing energy consumption by ~99.95%.
Data from Coinglass showed that Ethereum has liquidated more than $759 million since September 15.
However, both Bitcoin and Ethereum have dipped by nearly 5% and 9% respectively in the last seven trading sessions.
Among top-performing cryptocurrencies in the last 24 hours are — Reserve Rights climbing by 9.5% followed by Chainlink up 5.5%. Algorand, Chiliz, and eCash surged by 4-5.5%.
On the other hand, Terra Classic Lunc took lead in the laggards list by plunging more than 7%, followed by XDC Network shedding nearly 5%, Stellar and DogeCoin tumbling more than 3% each. Axie Infinity, Helium, Nexo, Celsius, and Synthetix dived between 2-3%.
Terra tokens are under pressure as currently, Terraform Labs CEO Do Kwon is facing multiple jurisdictions. An arrest warrant has been issued by the Seoul Southern District Prosecutors Office against Kwon who is the forefather of TerraUSD algorithmic stablecoin and sister token Luna that wiped out reportedly $60 billion in the cryptocurrency market. Kwon’s whereabouts are unknown, although, the co-founder of Terra tokens denied rumours of being on the ‘run’ from government agencies.
Last week, US Fed in its latest policy statement said, “the Committee is highly attentive to inflation risks.”
FOMC further said, in support of these goals, the Committee decided to raise the target range for the federal funds rate to 3 to 3-1/4 percent and anticipates that ongoing increases in the target range will be appropriate. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt, and agency mortgage-backed securities, as described in the Plans for Reducing the Size of the Federal Reserve’s Balance Sheet that was issued in May.
FOMC is committed to returning inflation to its 2% objective.
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Bitcoin news – live: Price crash continues as crypto ‘stable’ coin UST uncouples from dollar – Yahoo News

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Canadian Crypto Exchange Sues Users for Return of Bitcoin Misappropriated During Software Glitch – Exchanges Bitcoin News – Bitcoin News

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by Kevin Helms
Canadian crypto exchange Coinberry, part of Kevin O’Leary’s Wonderfi, has sued 50 customers for the return of the bitcoin they obtained without paying during a software glitch. “Coinberry contacted all of the said 546 affected registered users by email and demanded the return of the misappropriated bitcoins,” the lawsuit details.
Canadian cryptocurrency exchange Coinberry has reportedly sued its customers who took advantage of its software glitch and obtained bitcoin without paying.
Coinberry, a regulated crypto trading platform, is owned by Vancouver-based Wonderfi Technologies Inc., a company backed by Shark Tank star Kevin O’Leary.
The lawsuit, filed in Ontario in June, explains that during a software upgrade in 2020, Coinberry accidentally let users buy BTC with Canadian dollars that had not properly transferred to their accounts.
The exchange detailed that during the software glitch, customers could initiate an Interac e-transfer, get the amount credited to their Coinberry accounts, buy BTC, transfer the coins out, and cancel the original e-transfer. By doing so, they retained their funds while getting bitcoin for free.
According to Coinberry, 546 users were able to acquire a total of about 120 bitcoins altogether without paying for them before the software issue was fixed. The lawsuit states:
Coinberry contacted all of the said 546 affected registered users by email and demanded return of the misappropriated bitcoins.
“Coinberry was able to secure the return of approximately 37 of the misappropriated bitcoins from 270 of the affected registered users,” the lawsuit continues.
Some customers transferred their ill-gotten bitcoin to Binance, the Canadian exchange further noted, adding: “Coinberry also immediately contacted Binance.” The lawsuit detailed:
Binance acknowledged that it had identified a quantity of the misappropriated BTC and undertook to restrict any access to the accounts.
The Canadian crypto trading platform said it has yet to recoup two-thirds of the lost BTC from hundreds of customers.
The lawsuit seeks the return of 63 bitcoins from 50 customers, including 9.48 BTC that were transferred to Binance. Coinberry said its list of misappropriated bitcoins provided in the lawsuit does not include people who have taken and not yet returned amounts under $5,000, as valued in May 2020.
The company further noted that the largest amount misappropriated and not returned was $385,722.31 by two accounts under the names Jordan Steifuk and Connor Heffernan, which the Canadian crypto exchange said are actually the same person.
Do you think customers should give Coinberry back the BTC they took for free during the software glitch? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP ‘Has Gone Exceedingly Well’
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP “has gone exceedingly well.” He stressed: “This case is important, not just for Ripple, it’s … read more.
NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales
Non-fungible token (NFT) sales saw a small uptick over the last week as $658.4 million in NFT sales were recorded, up 3.35% in seven days. Out of 15 blockchains, Polygon-based NFT sales saw the largest increase in volume, jumping 106.68% … read more.
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