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

Following BTC's Price Drop, Bitcoin Miners Benefit From a 2.35% Difficulty Reduction – Mining Bitcoin News

Over the past week, Bitcoin’s hash rate has dropped by several percent after reaching 288 exahash per second (EH/s) on June 8, 2022. However, Bitcoin miners took a break on Wednesday, June 22, as the 2.35% drop in mining difficulty made it easier for miners to find blocks. The 2.35% drop brings the difficulty down to the 29.50 trillion range for the next two weeks.

Bitcoin mining difficulty drops by 2.35%

On Wednesday, June 22, at block height 741,888, Bitcoin’s mining difficulty was 2.35% lower than it was two weeks ago. The difficulty level at the time was 30.28 trillion, 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) changes every 2016 blocks based on the time it took to find the previous 2016 block subsidy. The difficulty is to maintain a consistent block time of about 10 minutes between each BTC block found. Two weeks ago, the last difficulty change at block height 739,872 increased by 1.29%. This means that blocks from 2016 before block height 739,872 took less than two weeks to find, meaning miners were faster during that time. This means that while today’s DAA shift is down 2.35%, previous 2016 blocks were discovered at a much slower rate. A 2.35% reduction makes finding a BTC block 2.35% less difficult compared to blocks discovered in the past two weeks or in 2016. BTC’s block reward halving is expected to happen on April 23, 2024, less than 100,000 blocks away. While the hash rate hit 288 EH/s on June 8, the network’s hash rate fell during the crypto market crash and hit a low of 164 EH/s on June 18. At the time of writing on Wednesday, June 22, the hash rate is sliding ahead at just under 200 EH/s. The top five BTC mining pools for the past three days include Foundry USA, F2pool, Antpool, Poolin, and Viabtc. The five BTC mining pools mentioned above account for 72.8% of the global hash rate today. In the last month, 4,271 BTC blocks were mined, of which 959 were discovered by Foundry. Antpool found 636, F2pool found 591, Poolin found 457, and Viabtc found 434 Bitcoin (BTC) block rewards. In the next two weeks, the difficulty of finding a BTC block will be reduced by 2.35% compared to the two weeks prior to block height 741,888. Miners will benefit from Wednesday’s DAA reduction due to lower prices.

tags in this story

2016 Blocks, Antpool, Bitcoin Mining, Block Rewards, Blocks, Found Blocks, BTC Blocks, DAA, DAA Change, Difficulty, Drop, F2Pool, Foundry USA, Increase, Mining Bitcoin, Mining BTC, Poolin, Price Drop, ViaBTC

What do you think of Bitcoin’s difficulty reduction Wednesday afternoon (ET)? Let us know what you think about this topic in the comments section below.


Jamie Redman

Jamie Redman is Head of News for News and a fintech reporter based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 5,000 articles for News on the disruptive protocols emerging today.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or an invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned herein.

More hot news

in case you missed it

Source link


Be the first to comment

Leave a Reply

Your email address will not be published.