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Bitcoin miners are expected to get a break in the next two days

After reaching an ATH on May 2, 2022, the Bitcoin (BTC) network hashrate is about 205 to 224 EH/s. Bitcoin's hashrate hit 275.01 EH/s on that day at block height 734,577.

24 May 2022 By : COIN GABBAR
Bitcoin miners are e

Bitcoin miners are expected to get a break in the next two days, with mining difficulty dropping by about 4%.

While Bitcoin's hashrate has maintained over 200 exahashe per second (EH/s), the network's mining difficulty has reached an all-time high (ATH) of 31.25 trillion in the previous two weeks.

Bitcoin (BTC) network hashrate is around 205 to 224 EH/s after the network reached an ATH on May 2, 2022. At block height 734,577, Bitcoin's hashrate reached 275.01 EH/s on that day. Bitcoin's mining difficulty is expected to drop 3.67 per cent when 289 blocks are mined, or around two days from now, providing comfort to miners following the latest difficulty ATH.

Furthermore, the difficulty adjustment algorithm (DAA) of the blockchain network has climbed two times since April 27, reaching a lifetime high of 31.25 trillion on May 10. The increased difficulty has made mining BTC the most tough it has ever been, and on top of the DAA hikes, BTC's price has dropped almost 23% in the last 30 days.

Bitcoin miners are still profitable, however, according to statistics from multiple sources, using today's BTC exchange rates and $0.12 per kilowatt-hour (kWh) electricity expenses, only 27 mining rigs are profitable today. With 198 terahash per second (TH/s), Bitmain's Antiminer S19 Pro+ Hyd. can generate an estimated profit of $8.93 per day.

After 289 blocks are mined, the anticipated difficulty change could drop by 3.67 per cent, at least at the time of writing. In two days, the difficulty will decline from 31.25 trillion ATH to 30.11 trillion. Of fact, throughout the time it takes to mine the 289 bitcoin blocks, the projected DAA could rise or fall.

For now, Foundry USA has been the top BTC mining pool in terms of blocks found and hashrate for the previous 3 days. Foundry has 45.92 EH/s of hash power, which is equivalent to 21.80% of BTC's hashrate. Over the last three days, the mining operation has discovered 87 blocks out of 399.

Only 12 known mining pools dedicate hashrate to the Bitcoin network, and stealth miners account for 0.25 per cent of the total hashrate.