On July 21, 2022, at 2:14 PM ET, at block height 745,920, Bitcoin’s mining difficulty dropped by 5.01%, more than the change over the past two epochs. The latest downward shift has reduced the difficulty of finding blocks by 5% compared to the past two weeks, and has decreased by about 8.77% since June 22.
Finding Bitcoin blocks is now 11.39% less difficult since the difficulty hit an all-time high on May 10
Bitcoin miners had a breakout this week as the difficulty adjustment algorithm (DAA) adjusted downward for the third week in a row. The difficulty of the network is basically measured by the difficulty of finding the correct hash for each minted block subsidy.
Difficulty epochs are evaluated every 2,016 blocks, and if these blocks are mined too quickly, the difficulty will increase, and if they are too slow, the difficulty will decrease. The last difficulty increase occurred on June 8, 2022, at block height 739,872, an increase of 1.29% from the previous two weeks.
In the four weeks preceding the most recent DAA shift, the network recorded two reductions. The first occurred on June 22 at block height 741,888, down 2.35% on the day.
The second subsequent difficulty change occurred on July 6 at block height 743,904. That particular drop was about 1.41% and the difficulty dropped to 29.15 trillion. Today, after block height 745,920, the difficulty is now 27.69 trillion, a parameter not seen since March 17, 2022.
At the time of writing, it is 11.39% easier to find a Bitcoin block than when the difficulty reached its all-time high on May 10 (block height 735,840). The record high is 31.25 trillion, and so far, 3.56 trillion has been wiped from the difficulty of the network.
Before the difficulty adjustment in the last two weeks, BTC’s hash rate averaged around 197.4 exahash per second (EH/s). Foundry USA has received the most block subsidies over the past 30 days as it discovered 926 blocks out of 4,165 mined in the last month.
Foundry’s computing power last month was about 22.23% of the global network. Mining operations were followed by Antpool, which managed to find 638 block rewards, and F2pool, which found 606 blocks.
Binance Pool discovered 505 blocks, and Poolin received 434 block rewards in the past 30 days. There were 13 known bitcoin mining operations that found 4,108 blocks over a one-month period, while unknown hash rate (also known as stealth miners) managed to find 57 blocks.
What do you think of the recent mining difficulty drop? Let us know your thoughts on this topic in the comments section below.
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