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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    PENGU token loses 20% in August amid Pudgy Party game launch

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    Base claims top 3 spot in 30-day NFT volume: DappRadar

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    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

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    Defunct NFT lender Parallel Finance charges users $500 to withdraw assets

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    Climb the SCOR Invitational Leaderboard and Earn Bigger $SCOR Airdrops

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    What Is Impermanent Loss? How It Works, and How to Avoid It

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

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    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

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    Experience to Earn: Everdome’s Metaverse Frontier

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    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

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    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

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    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

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    PENGU token loses 20% in August amid Pudgy Party game launch

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    Base claims top 3 spot in 30-day NFT volume: DappRadar

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    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

    Blue chip NFTs sink double digits as ETH retreats from record highs

    Blue chip NFTs sink double digits as ETH retreats from record highs

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    What’s Behind the Double-Digit Declines?

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    Telegram NFT Gifts Hit $57M in Sales as Users Rush In

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    NFT sales drop 25% to $134m, CryptoPunks plunge 59%

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    Climb the SCOR Invitational Leaderboard and Earn Bigger $SCOR Airdrops

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    Pudgy Penguins Game ‘Pudgy Party’ Launches on iOS and Android

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    KuCoin Pay Joins Forces with 2Game Digital to Drive Web3 in Gaming

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    Stability World AI Adds Games to Transform the Future of Web3 Gaming

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    The Rise of Indian Online Casinos: Affiliates, Crypto, and Seamless Gaming?

  • Blockchain
    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

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    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    Polyhedra Network launches Proof Cloud in open beta

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    SoonVerse Partners with Arris to Enhance User Experience

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    Metaplex Deploys Product Suite on Sonic SVM, Enhancing Solana’s Gaming Ecosystem

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    Space and Time Becomes ZK Coprocessor in Karak’s Ecosystem

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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

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    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

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    UAE emirate launches new free zone for digital assets, Web3 and AI

    UAE emirate launches new free zone for digital assets, Web3 and AI

  • Guides
    What Is Impermanent Loss? How It Works, and How to Avoid It

    What Is Impermanent Loss? How It Works, and How to Avoid It

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

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    What Is Volatility in Crypto? Why It Happens and How to Stay Safe

    What is Cloud Mining? A Beginner’s Guide

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    What Are Bitcoin Runes and RunesDEX? – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    What Are Bitcoin Runes and RunesDEX? – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    6 Under-$1 Utility Tokens with Real-World Use to Watch in the 2025 Bull Run

    6 Under-$1 Utility Tokens with Real-World Use to Watch in the 2025 Bull Run

    What is Crypto FOMO? How to Avoid Emotional Investing Mistakes

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    What Is Crypto Arbitrage and How to Use It in Trading?

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    What’s the Difference & Which Is Better to Trade?

    What’s the Difference & Which Is Better to Trade?

  • Analysis
    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

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    Benjamin Cowen Warns Majority of Altcoins Will Never See New All-Time Highs Again Amid ‘Serious Declines’

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    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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Home Mining

New Year, New Record — Bitcoin’s Difficulty Rises 1.65% in First 2024 Retarget

January 6, 2024
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New Year, New Record — Bitcoin’s Difficulty Rises 1.65% in First 2024 Retarget
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Bitcoin’s network difficulty experienced its first increase of 2024 on Jan. 5, at block height 824,544, rising 1.65% to an unprecedented network peak of 73.2 trillion. This inaugural adjustment of the year succeeds the 27 dynamic shifts witnessed in 2023, including a total of 20 increases.

READ ALSO

Bitcoin Miner IREN Posts Record $501M Revenue in FY25, Reverses Prior-Year Loss

Through pullback US Bitcoin ETFs buy 3.6 times daily issuance as inflows streak hits four days

Bitcoin’s Difficulty Hits 73.2 Trillion

On Jan. 5, 2024, Bitcoin once again broke another record in terms of how difficult it is to discover a bitcoin (BTC) block reward. The network’s difficulty rose to 73.2 trillion after a 1.65% uptick on Friday evening Eastern Time (ET). The change occurred at precisely 7:41 p.m. (ET) at block height 824,544 and it follows the 6.98% increase that took place nearly two weeks ago at block height 822,528.

Fundamentally, Bitcoin’s difficulty represents a metric reflecting the challenge involved in identifying a block subsidy to append a fresh block to the blockchain. The difficulty level changes every two weeks, give or take, to maintain a consistent block time, which for Bitcoin is about 10 minutes per block. The latest figure, 73.2 trillion, is a reflection of the current difficulty target.

This number signifies the upper limit of what the hash of a block must be for it to be considered valid. When the difficulty is 73.2 trillion, it means the hash of a valid block must be less than or equal to a target number that is very low relative to the possible range of hash values. The lower this target is, the less likely a random guess of the hash will be below it, which effectively means it’s harder to find a valid block.

See also  Bitcoin miner Bitdeer looks confident despite disappointing Q4 results

Over the past 12 months, the difficulty target has soared to new records, breaking previous heights consistently. This surge is attributed to the substantial increase in hashrate, now cruising at 545 exahash per second (EH/s) as per Luxor’s hashrateindex.com statistics. Despite the last 20 rises in 2023 and the initial hike in 2024, bitcoin miners and the escalating hashrate remain undeterred. Block times have quickened beyond the usual 10-minute average, leading to a hike after every 2,016 blocks are mined.

Throughout 2023, the network added more than 300 EH/s, maintaining a steadfast pace that significantly accelerated as the year concluded. Application-specific integrated circuit (ASIC) producers have launched next-generation devices boasting elevated terahash capacities and enhanced efficiency, measured in joules per terahash (J/T). Since the close of the previous year, mining enterprises have procured tens of thousands of these advanced units, with a majority slated for 2024 delivery.

Bitcoin’s hash price on Jan. 5, 2024.

Consequently, the hashrate is anticipated to climb in tandem with difficulty hikes, barring unforeseen developments. Nevertheless, Bitcoin’s hash price — the daily expected value per one petahash per second (PH/s) of hashing power — has declined from $102.88 per PH/s on Dec. 31, 2023, to a present rate of $87.60. Bitcoin’s next difficulty retarget is scheduled to take place on or around Jan. 19, 2024.

What do you think about Bitcoin’s mining difficulty rising by 1.65% on Friday? Share your thoughts and opinions about this subject in the comments section below.

Tags: BitcoinsDifficultyrecordRetargetRisesYear

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