Following BTC’s Price Drop, Bitcoin Miners Benefit From a 2.35% Difficulty Reduction

Over the past week, bitcoin hash rates have dropped several percent after reaching 288 exahashes per second (EH/s) on June 8, 2022. However, bitcoin miners got a reprieve on Wednesday, June 22, when the mining difficulty dropped 2.35%, making it easier for miners to find blocks. This 2.35% drop brings the difficulty level down to the 29.50 trillion range for the next two weeks.

Bitcoin mining difficulty drops 2.35%

• On Wednesday, June 22, with a block height of 741,888, bitcoin mining difficulty dropped 2.35% from two weeks ago. At that time, the difficulty rating was $30.28 trillion; today it is $29.50 trillion. Additionally, the fiat value of bitcoin fell to a low of $17,593 on June 18.
• Essentially, Bitcoin’s Difficulty Adjustment Algorithm (DAA) shifts every 2016 block, and the changes are based on the time it took to find the previous 2016 block grant. Difficulty is meant to keep block times consistent at roughly 10 minutes during eachBTCblock found.
• The last change in difficulty two weeks ago at block height 739,872 increased by 1.29%. This means that the 2016 block before block height 739,872 took less than two weeks to find, and miners got faster during that time. This means that while the DAA shift dropped 2.35% today, the previous 2016 block was found at a much slower rate.
• A 2.35% decrease makes it 2.35% easier to findBTCblocks than it has been for the past two weeks or when 2016 blocks were discovered. BTC‘s block reward halving is expected to occur on April 23, 2024, with less than 100,000 blocks.
• hash rates topped 288 EH/s on June 8, but during the crypto market routine the network’s hash rates fell, hitting a low of 164 EH/s on June 18. As of writing on Wednesday, June 22, hash rates were 200 EH/s coasting at a rate slightly below 200EH/s.
• Over the past three days, the top fiveBTCmining pools are: the BTCmining pools include Foundry USA, F2pool, Antpool, Poolin, and Viabtc. The aforementioned fiveBTCmining pools command 72.8% of today’s global hashrate.

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