Over the past week, bitcoin’s hash rate has fallen a few percent after reaching 288 exhash per second (EH/s) on June 8, 2022. However, bitcoin miners found a break on Wednesday, June 22, as the mining difficulty dropped below 2.35. % makes it easy for miners to find blocks. The drop of 2.35% brings the difficulty level to ₹29.50 trillion for the next two weeks.
Bitcoin mining difficulty reduced by 2.35%
- On Wednesday, June 22, at block height 741,888, bitcoin’s mining difficulty dropped by 2.35% compared to two weeks ago. At that time the difficulty rating was 30.28 trillion and today it is 29.50 trillion. Furthermore, the fiat value of bitcoin fell to a low of $17,593 on June 18.
- Essentially, bitcoin’s difficulty adjustment algorithm (DAA) changes every 2016 block and the changes are based on the time it took to find the last 2016 block subsidy. The difficulty is meant to keep the block time between each BTC block consistent, around 10 minutes.
- The last difficulty change was the block height at 739,872 two weeks ago, an increase of 1.29%. This means that it took less than two weeks to find before the previous 2016 block high of 739,872 blocks, meaning miners were bullish during this period. This means that while the DAA shift is down by 2.35% today, the previous blocks of 2016 were found at a much slower rate.
- A decrease of 2.35% compared to the blocks found in the past two weeks or 2016 makes it 2.35% easier to find BTC blocks. BTC’s block reward halving is expected to occur on April 23, 2024, and is less than 100,000 blocks away.
- While the hashrate peaked at 288 EH/s on 8 June, the network’s hash rate decreased during the crypto market route and hit a low of 164 EH/s on 18 June. At the time of writing Wednesday, 22 June, Hashrate is nearing shore with a speed of less than 200 EH/s.
- Over the past three days, the top five BTC mining pools include Foundry USA, F2pool, Antpool, Poolin and Viabtc. The above five BTC mining pools account for 72.8% of the global hash rate today.
- During the last month, 4,271 BTC blocks came into existence and 959 of those blocks were discovered by the foundry. Antpool received 636, f2pool 591, Poolin 457 and YBTC 434 bitcoin (BTC) block rewards.
- In the next two weeks, it will be 2.35% easier to find a BTC block from block height 741,888 than it was two weeks ago. Miners will benefit from the reduction in DAA on Wednesday as the price goes down.
What do you think about bitcoin’s difficulty halving Wednesday afternoon (ET)? Let us know what you think about this topic in the comment section below.
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