Bitcoin miners could get another break as tomorrow’s expected reduction in mining difficulty will give the network a boost. The difficulty adjustment algorithm (DAA), which adjusts Bitcoin’s difficulty, changes every two weeks. During the last DAA update, the difficulty dropped by 4.33%. At 235 exahash/second (EH/s), the DAA is currently lowered by 0.51%.
This Week’s Bitcoin Mining Difficulty Level Change is Expected To Drop Lower
There is one day left before the next DAA shift, which will occur on June 7, 2022. It’s likely to fall lower once the shift begins. It changes approximately every 2106 blocks, or about every two weeks. After block height 735.840, it was the highest difficulty rating at 31.35 trillion.
The DAA increases if blocks are mined faster than expected. Conversely, blocks that were mined slower over the two-week period will see their difficulty drop. The difficulty parameter is currently at 29.90 trillion after the record-breaking (ATH) block height of 31.35 trillion.
It is easier to find bitcoin block reward rewards when difficulty is lower. However, it becomes more difficult for miners to find Bitcoin block reward rewards when DAA metric is higher. Tomorrow, June 8th 2022, the DAA retarget will change. It is currently more than 160 blocks away.
The expected drop of 0.51% will result in a difficulty of 29.75 trillion over the next two weeks after the DAA change. Bitcoin’s hashrate has been moving at a rapid pace since May 2 when it reached an ATH of 275.75 EH/s. However, the lifetime record has not been broken. The hashrate actually dropped below the 200 EH/s zone as the price fell towards the end of May.
Although a DAA shift is expected to be downward, the DAA was shifted upward during the past three days. However, 445 Bitcoin block reward rewards were created. Foundry USA was the block holder with 105 blocks out of 445 Block Subsidy Rewards.
Foundry’s hashrate accounts for 23.6% of global hashrate, or 49.70 EH/s processing power. Antpool is the 2nd largest mining pool by hashrate. The pool received 78 block rewards in the 72-hour period. Antpool currently has 36.92 EH/s for the Bitcoin blockchain. This equates to 17.53% global hashrate.
There are currently 14 pools that dedicate hashrate to the Bitcoin chain. 0.45%, or 946.74 petahash/second (PH/s), belongs to unknown or stolen miners. Bitmain’s Antminer S19+ Hyd, the most powerful ASIC mining device in the world, has seen profits drop a lot. With 198 Terahash per Second (TH/s), it earns an estimated $9.80 per Day.
This includes $0.12 per kilowatt hour (kWh) and current difficulty of 29.90 trillion. Microbt Whatsminer 50S, which has 126 TH/s at $0.12/kWh and can earn an estimated $6.78 per-day in BTC profits. At current BTC exchange rate, many ASIC mining devices made before 2021 make $5 per day in profits.