Bitcoin Block Intervals Slow to 10 Minutes and 16 Seconds

Blocks on the Bitcoin network are being generated slower than average. Block intervals have increased to 10 minutes and 16 seconds, exceeding the standard 10-minute mark. This could lead to a decrease in mining difficulty at the next adjustment scheduled for October 10, 2024.

The slowdown affects transaction processing speed and may increase fees. Mining difficulty is expected to drop by 2.74% – 2.9%, easing miners’ operations and potentially boosting their revenues.

In September, miners earned $761.79 million, which is $89.57 million less than in August. The slower block times may make it challenging to match previous revenue figures.