Bitcoin Block Takes Over An Hour To Mine, Holding Up 13,000 Transactions
It took more than an hour to mine a single block of Bitcoin on Monday, leaving 13,000 transactions hanging in an unconfirmed state.
The interval between confirming block 759,054 and 759,055 on Bitcoin’s blockchain, between Foundry USA and Luxor, was 85 minutes, or an hour and 15 minutes longer than the average time it usually takes to mine or confirm a block.
While strange, analysts say that the long interval doesn’t signal a problem, and is mere statistics.
The unusual scenario follows last week’s difficulty adjustment. The latest difficulty is now at 35.6 trillion, a huge jump of 13.55% from the previous measure, according to data from btc.com. It’s become more expensive to mine Bitcoin, putting more pressure on the Bitcoin mining industry as it deals with soaring energy prices and a crypto bear market.
Information for this briefing was found via Coindesk, Cryptonomist, and the sources and companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
