Although Bitcoin’s hashrate is above 200 exahash per seconds (EH/s), the network’s mining difficulty (ATH) has been at an all time high of 31.25 trillion over the past two weeks. Bitcoin’s mining difficulty will drop to 3.67% after 289 blocks have been mined, or approximately two days from now. This is in relief of the recent difficulty ATH.
Bitcoin’s Next Difficulty Could Give Miners a Break
The Bitcoin ( BTC ) network hashrate at the time of writing is between 210 and 225 EH/s, after the network achieved an ATH on May 2, 2022. At block height of 734,577, Bitcoin’s hashrate was at 275.01 EH/s.
The difficulty adjustment algorithm for the blockchain network (DAA), has increased twice since April 27 and reached a lifetime high of 31.25 trillion on May 10, 2018. This difficulty level has made it difficult to mine BTC. In addition, BTC has seen a drop in price of over 23% in the last 30 days.
While Bitcoin miners remain profitable, data from asicminervalue.com shows that only 27 mining rigs are making a profit today using today’s BTC exchange rates. Bitmain’s Antiminer S19+ Hyd. An estimated profit of $8.93 per Day can be made by mining 198 terahash per minute (TH/s).
A Canaan Avalonminer1246 with 90 TH/s can make an estimated $1.34 per daily in Bitcoin profits. The difficulty is higher than ever and the price is lower but bitcoin miners might be able to catch a break within two days if the DAA shifts.
Current Bitcoin mining difficulty metrics as of May 23, 2022
After 289 blocks have been mined, the estimated difficulty change could drop to 3.67%, at least as of this writing. In two days, the difficulty will fall from 31.25 trillion to 30.11 trillion ATH. The estimated DAA could change during the mining of the 289 bitcoin blocks.
Foundry USA is the most popular bitcoin mining pool, both in terms of hashrate and blocks found, for the past three days. Foundry has 45.92 EH/s in hashpower, which is equivalent to 21.80% BTC hashrate. Over the past three days, Foundry has discovered 87 blocks of 399.
Bitmain’s Antpool holds 14.29% of global hashrate, or 30.08 EH/s. Antpool found 57 of the 399 blocks discovered during the three-day period. There are currently only 12 mining pools that dedicate hashrate to the Bitcoin network. Stealth miners operate 0.25%.