Following BTC’s Price Drop, Bitcoin Miners Benefit From a 2.35% Difficulty Reduction – Mining Bitcoin News

During the past week, Bitcoin’s hashrate has dropped a few percentages after reaching 288 exahash per second (EH/s) on June 8, 2022. However, Bitcoin miners were granted a temporary respite on Wednesday June 22 when the mining difficulty decreased by 2.35%. This made it easier to locate blocks. This 2.35% reduction brings the difficulty to around 29.50 billion for the next 2 weeks.

Bitcoin’s Mining Difficulty Drops 2.35%

• On Wednesday, June 22, at block height 741,888, Bitcoin’s mining difficulty decreased 2.35% lower than two weeks ago. The difficulty rating at that time was 30.28 billion. Today it stands at 29.50 trillion. Furthermore, bitcoin’s fiat value dropped to a low of $17,593 on June 18.
• Essentially, Bitcoin’s difficulty adjustment algorithm (DAA) shifts every 2016 blocks and the changes are based on the amount of time it took to find the previous 2016 block subsidies. This difficulty helps keep the block time consistent, at approximately 10 minutes between every BTC block discovered.
• 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 were found in less than two weeks. That is a sign of how miners worked faster. The DAA shift has dropped to 2.35%, but the blocks found in the 2016 block were discovered at a slower pace.
• This 2.35% drop makes it 2.3% easier to find BTC block blocks than it was in 2016 or the last two weeks. BTC’s block reward halving is expected to occur on April 23, 2024, and is less than 100,000 blocks away.
• While the hashrate tapped 288 EH/s on June 8, the network’s hashrate dipped during the crypto market rout and it hit a low of 164 EH/s on June 18. As of Wednesday’s writing, the hashrate is moving at speeds below 200 EH/s.
• Foundry USA and F2pool have been the most popular BTC mining pool over the past three days. Antpool, Poolin and Poolin are the other top BTC pools. These five BTC mining pool currently control 72.8% global hashrate.

• Foundry found 959 blocks and 4,271 BTC block were created in the past month. Antpool discovered 636 BTC blocks. F2pool discovered 591. Poolin located 457. Viabtc received 434 Bitcoin (BTC) reward block rewards.
• In the next 2 weeks it will be 2.3% easier to locate BTC block blocks than in the previous two weeks. This is compared with the time it took before block height 741.888. Miners will be able to take advantage of the Wednesday DAA cut.

What do you think about Bitcoin’s difficulty reduction on Wednesday afternoon (ET)? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman, a Florida-based financial journalist and news lead at Bitcoin.com News is Jamie Redman. Redman joined the cryptocurrency community in 2011 and has been an active participant ever since. 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.