Bitcoin Miners Expected to Catch a Break in 2 Days, Mining Difficulty Estimated to Drop Close to 4% – Mining Bitcoin News

While Bitcoin’s hashrate has remained above the 200 exahash per second (EH/s) mark, over the last two weeks the network’s mining difficulty has been at an all-time high (ATH) at 31.25 trillion. However, after 289 blocks are mined or roughly two days from now, Bitcoin’s mining difficulty is estimated to drop 3.67% giving miners some relief after the recent difficulty ATH.

Bitcoin’s Next Difficulty Change Could Give Miners a Break

The Bitcoin (BTC), network hashrate, at the time of writing is between 210 and 225 EH/s since the network achieved an ATH May 2, 2022. On that day, Bitcoin’s hashrate reached 275.01 EH/s at block height 734,577.

Furthermore, since April 27, the blockchain network’s difficulty adjustment algorithm (DAA) increased two times and tapped a lifetime high at 31.25 trillion on May 10. The difficulty height has made it the most difficult time ever to mine BTC and on top of the DAA increases, BTC’s price has been down over 23% during the past 30 days.

Bitcoin miners are still profitable, but data from asicminervalue.com indicates that using today’s BTC exchange rates and electricity costs at $0.12 per kilowatt-hour (kWh), makes it so only 27 mining rigs profit today. Bitmain’s Antiminer S19 Pro+ Hyd. You can make an average profit of $8.93 per daily by using 198 terahash/second (TH/s).

A Canaan Avalonminer1246 can make an average profit of $1.34 per daily in BTC profits. Although the difficulty and price are higher than ever, miners of bitcoin may be able get a break within two days depending on when the DAA shifts.

After 289 blocks have been mined, the estimated difficulty change could decrease by 3.67%. In two days, the difficulty level will fall from 31.25 trillion to 30.11 trillion. The estimated DAA can fluctuate depending on how long it takes to mine 289 blocks of bitcoin.

Foundry USA is the most popular bitcoin mining pool, both in terms of hashrate and blocks found, for the past three days. Foundry commands 45.92 EH/s of hashpower which equates to 21.80% of BTC’s hashrate. Over the past three days, Foundry has discovered 87 blocks of 399.

Bitmain’s Antpool controls 14.29% of the global hashrate or 30.08 EH/s. Antpool discovered approximately 57 blocks out of the 399 found over the three-day period. Today there are 12 mining pools dedicated to BTC networks, while 0.25% is controlled by stealth miners.

What do you think about Bitcoin’s upcoming difficulty change? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman is the News Lead for Bitcoin.com News. He also lives in Florida and works as a journalist covering financial technology. Redman is an active participant in the cryptocurrency community from 2011. Since 2011, Redman has been an active member of the cryptocurrency community. Redman is a prolific writer for Bitcoin.com News, with over 5,000 articles on disruptive protocols.