Mining difficulty tied to the bitcoin network rose for the first time in 57 days, 1.74% higher than the past two weeks. Meanwhile, bitcoin hash rates are below average as the network’s computing power has declined 1.7% in Q2 from Q1 2022 After reaching 292 exahashes per second (EH/s) on June 8, bitcoin hash rates today are 200 at 182 EH/s EH/s and is coasting below EH/s.
Bitcoin’s difficulty level increases, making block rewards harder to discover
over the next two weeks.
Following three consecutive Difficulty Adjustment Algorithm (DAA) reductions in the past six weeks, the DAA shiftedupward for the first time since June 8August 4, with a block height of 747,936, difficulty increased 1.74% and the index rose from 27.69 trillion to its current value of 28.20 trillion The index has now increased from $27.69 trillion to $28.20 trillion.
The DAA, or difficulty epoch, changes every 2,016 blocks, or approximately every two weeks; if the 2,016 blocks are discovered too early, the DAA increases; if the discovery time is too late, the index decreases. Satoshi Nakamoto’s design ensures that a newBTCblock is discovered approximately every 10 minutes; since the DAA system is modeled in a Poisson distribution scheme, a BTC block is discovered.
Since Thursday’s 1.74% rise, bitcoin blocks have been harder to find than during the past two weeks. Since June 8, prior to the rise, the DAA had turned down three consecutive times. The network’s 28.2 trillion difficulty metric is currently 9.76% lower than its all-time high in mid-May, when it hit 31.25 million. With
lower BTCprices and the latest difficulty increase, this change could negatively impact miners over the next two weeks. At press time, the network’s computing power is below the 200 EH/s zone, as it is coasting at182 EH/stoday.
Overall bitcoin hash rate slipped 1.7% lower in the second quarter of 2022 compared to the first quarter, according tostatisticscompiled by stockapps.com’s fintech expert Edith Muthoni.” In the second half of the second quarter, the overall bitcoin hash rate grew more erratic and volatile.” Muthoni noted in her study.” This behavior indicates that miners are struggling to adapt to the changing market environment.”
The 182EH/s bitcoin hash rate is 37% lower than the all-time high of 292EH/s recorded on June 8. BTCblocks out of the 12,766 blocks discovered in the second quarter.
Antpool discovered 1,885 blocks during the three-month period, trailing Foundry with 14.77% of the global hash rate.The third largest mining pool in Q2 2022 was F2pool, which discovered 1. 1,827 of the 12,766 blocks discovered in Q2, 827 were mined, accounting for 14.31% of the global hashrate.
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