23 minutes: Bitcoin block time reaches highest level in 11 years
It has never been so time-consuming to add a new block to the Bitcoin network as it is now. The confirmation time of blocks in the cryptocurrency blockchain was around 23 minutes on Sunday (27), according to data from the analysis company CryptoQuant.
This is the highest confirmation time seen in 11 years. The last time the gap between blocks was at a similar level — but less severe — was in late 2017 and early 2018, when the bull run of that period came to an end.
Miners need to solve complex math problems to generate a block and receive as a reward the newly generated bitcoins. According to protocol rules, a block must be added to the blockchain every ten minutes.
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However, maintaining this average time depends on the amount of computing power dedicated to the network. The more miners, the faster a block will be generated. If the number drops, the network becomes slower.
Since China began to expel miners from the country that until then was responsible for more than half of bitcoin mining, the power of the network has collapsed. Other CryptoQuant data indicates that the current BTC hashrate on Sunday reached 57.5B GH/s, the lowest level in 23 months.