March 25, 2023

Bitcoin mining takes more than an hour for a single block

Time to mine a Bitcoin block on Mondaytook more than an hour, causing tens of thousands of transactions to remain in the unconfirmed state. The time interval between two Bitcoin blocks mined by Foundry USA and Luxor was 85 minutes, during which more than 13,000 transactions were awaiting confirmation. Bitcoin went through a difficulty adjustment last week, ensuring block confirmations occur every ten minutes. As mining difficulty has increased, Bitcoin mining has also become more expensive, putting pressure on the cryptocurrency mining industry facing soaring energy prices and a bear market. Lightning Network founder Tadge Dryja believes that Bitcoin block 85-minute intervals are expected to occur every 34 days if difficulty changes are not accounted for.

Ewen Eagle

I am the founder of Urbantechstory, a Technology based blog. where you find all kinds of trending technology, gaming news, and much more.

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