July 3, 2022

Bitcoins Price Drop Makes Room for a 2.3% Mining Difficulty Downgrade

Bitcoin's hashrate dropped a little bit over the past week after hitting 288 exahash/second (EH/s), on June 8, 2022. On Wednesday, June 22, Bitcoin miners...

Bitcoin’s hashrate dropped a little bit over the past week after hitting 288 exahash/second (EH/s), on June 8, 2022. On Wednesday, June 22, Bitcoin miners got a break as the mining difficulty fell by 2.35%, making it easier to find blocks. For the next two weeks, the difficulty will drop to 29.50 trillion with the 2.35% decrease.

Bitcoin’s Mining Difficulty Drops to 2.35%
At block height 741.888, Bitcoin’s mining difficulty fell 2.35% to Wednesday, June 22. The difficulty rating at that time was 30.28 trillion. Today it is 29.50 trillion. Additionally, bitcoin’s fiat currency dropped to $17,593 in June 18.

Bitcoin’s difficulty adjustment algorithm shifts for every 2016 block. The changes are based upon the time taken to find previous 2016 block subsidies. Block times will remain consistent at approximately 10 minutes between each block.

Two weeks ago, the difficulty level at block height 739.872 increased by 1.29%. This means that the 2016 blocks prior to block height 739.872 took less then two weeks to locate, which indicates that miners were more efficient during this period. The DAA shift has dropped by 2.35%, but the blocks found in the 2016 block were discovered at a slower pace.

It is now 2.35% more difficult to find Bitcoin blocks. This reduction is compared to the previous two weeks, or 2016, blocks. BTC Block reward halving will occur on April 23rd 2024. This is less than 100,000 blocks away.

The hashrate reached 288 EH/s June 8th, but it dropped during the crypto market crash and fell to 164 EH/s June 18th. The hashrate is currently moving at speeds of just 200 EH/s as of Wednesday, June 22.

Foundry USA (F2pool), Antpool, Poolin and Viabtc have been the top BTC miners over the past three days. These five BTC pool mining pools control 72.8% of global hashrate today.

Foundry discovered 959 blocks and 4,271 Bitcoin blocks in the last month. Antpool found 636 blocks, F2pool 591, Poolin 457 and Viabtc 434 bitcoin ( BTC) block reward.

It will be 2.35% more easy to find Bitcoin blocks in the coming weeks than it was two weeks ago at block height 741.888. Miners will be able to take advantage of the Wednesday DAA reduction because the price is lower.

Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".
Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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