Over the past week, Bitcoin’s hashrate has dropped a few percent after hitting 288 exahashes per second (EH/s) on June 8, 2022. However, bitcoin miners got a break on Wednesday, June 22, when the mining difficulty dropped by 2.35%, making it easier for miners to find blocks. The 2.35% drop lowers the difficulty to the 29.50 trillion area for the next two weeks.
Bitcoin Mining Difficulty Drops 2.35%
- On Wednesday, June 22, Bitcoin’s mining difficulty at block height 741,888 dropped 2.35% lower than two weeks ago. Back then the difficulty was 30.28 trillion and today it is 29.50 trillion. Additionally, bitcoin’s fiat value fell to a low of $17,593 on June 18.
- Essentially, Bitcoin’s Difficulty Adjustment Algorithm (DAA) shifts every 2016 blocks, and the changes are based on the time it took to find the previous 2016 block subsidies. The difficulty should keep the block times constant at around 10 minutes each Bitcoin block found.
- The last difficulty change at block height 739,872 two weeks ago increased by 1.29%. This means that the previous blocks from 2016 prior to block height 739,872 took less than two weeks to find, meaning miners were faster during this period. This means while the DAA shift is down 2.35% today, the previous 2016 blocks were found much more slowly.
- A 2.35% discount makes it 2.35% easier to find Bitcoin Blocks than found in the last two weeks or 2016 blocks. BitcoinThe block reward halving is expected to occur on April 23, 2024 and is less than 100,000 blocks away.
- While the hashrate reached 288 EH/s on June 8th, the network’s hashrate dropped during the crypto market crisis, reaching a low of 164 EH/s on June 18th. At the time of writing on Wednesday, June 22nd, the hashrate is spinning out at speeds just under 200 EH/s.
- The top 5 in the last three days Bitcoin Mining pools include Foundry USA, F2pool, Antpool, Poolin, and Viabtc. The aforementioned five Bitcoin Mining pools now hold 72.8% of the global hashrate.
- Last month, 4,271 Bitcoin Blocks were mined and Foundry discovered 959 of these blocks. Antpool found 636, F2pool found 591, Poolin found 457 and Viabtc found 434 Bitcoin (Bitcoin) block rewards.
- Over the next two weeks, it will be 2.35% easier to find Bitcoin blocks than in the previous two weeks block height 741,888. As the price is lower, miners will benefit from DAA reduction on Wednesday.
What do you think of Bitcoin’s difficulty reduction on Wednesday afternoon (ET)? Let us know what you think about this topic in the comment section below.
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