Bitcoin Miners Benefit From 2.35% Difficulty Reduction After BTC Price Drop – 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 a 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.Difficulty is to keep block times consistent, about 10 minutes between each bitcoin 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.
  • 2.35% less to make it easier to find 2.35% bitcoin There are more blocks than found in the past two weeks or 2016 blocks. bitcoinThe 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.
  • Last three days, top five bitcoin Mining pools include Foundry USA, F2pool, Antpool, Poolin and Viabtc.the above five bitcoin Currently, mining pools account for 72.8% of the global computing power.
  • Last month, 4,271 bitcoin Blocks were mined, and Foundry found 959 of them. Antpool found 636, F2pool found 591, Poolin found 457, and Viabtc found 434 bitcoins (bitcoin) block reward.
  • In the next two weeks it will be easier to find 2.35% bitcoin The block is 741,888 higher than the previous two-week block height. Miners will benefit from Wednesday’s DAA reduction due to lower prices.

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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.

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