A few days ago, Bitcoin concluded its 27th and final difficulty adjustment for the year, as per the latest report. The year witnessed 27 shifts in epochs, with the most substantial one occurring on January 15 at block 772,128, resulting in a notable 10.26% surge in network difficulty. Therefore, Bitcoin is expected to undergo another uptick in mining difficulty by January 4, 2024. This metric, changing every 2,016 blocks or roughly two weeks, stabilizes the average interval between blocks at approximately 10 minutes, irrespective of fluctuating mining power.

Throughout 2023, the network experienced 27 difficulty changes, comprising 20 increases and seven decreases. The most significant hike was on January 15, soaring by 10.26%, while the smallest uptick was a mere 0.12% on August 9, 2023, at block 802,368. The most substantial drop occurred at the beginning of the year on January 2, 2023, plummeting by 3.59%, while the slightest decrease was 0.49% on February 12, 2023, at block 776,160.
At the start of January 2023, the difficulty stood at 34.09 trillion and concluded the year at 72.01 trillion, marking an increase of 37.92 trillion. Cumulatively, the rises amounted to an 89.35% change, while reductions totaled a decrease of 15.34%, resulting in a net network augmentation of 74.01%.
Despite the escalating difficulty, BTC miners added an impressive 311 exahash per second (EH/s) of SHA256 hashrate since the year’s commencement. From December 26, 2022, to December 26, 2023, 54,035 BTC blocks were mined. Foundry USA led the way, mining 16,494 blocks, accounting for 30.52% of the year’s aggregate block rewards. Antpool secured 22.73%, while over 40 other mining pools distributed 25,261 blocks.
In 2023, Bitcoin’s adaptability and robust network growth showcased resilience and innovation. As 2024 approaches, the community is poised to face the challenges and opportunities of increased mining difficulty. The year’s hashrate momentum sets the stage for continued evolution and commitment to securing the network in the evolving digital economy Satoshi Nakamoto envisioned.
Bitcoin’s Price Journey
Concerning BTC price analysis, the question on everyone’s mind is whether the last week of 2023 will be bullish or bearish. Despite a short-term bearish prediction, Bitcoin’s upward trend since the year’s start, with a 160% increase leading to a new yearly high of $44,700 on December 8, suggests the potential for a breakout. If a breakout occurs, the Bitcoin price could surge to the $50,000 resistance, an 18% increase from the current price of $42,750.54.

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