Claim Giveaway Token Proof of Reserve

Bitcoin miners profit from a 2.35 percent difficulty reduction as a result of the decline in BTC's price.

24-Jun-2022 By: Rohit Tripathi
Bitcoin miners profi

Bitcoin miners profit from a 2.35 percent difficulty reduction as a result of the decline in BTC's price.

After peaking at 288 exahashes per second (EH/s) on June 8, 2022, Bitcoin's hashrate has since decreased by a few percentage points. The mining difficulty decreased by 2.35 percent on Wednesday, June 22, giving bitcoin miners a break and making it simpler for them to find blocks. The difficulty drops to the 29.50 trillion area for the following two weeks due to the 2.35 percent decrease.

 Bitcoin’s Mining Difficulty Drops 2.35%

The mining difficulty of Bitcoin declined by 2.35 percent from two weeks prior on Wednesday, June 22, at block height 741,878. The difficulty rating is now 29.50 trillion, down from 30.28 trillion at the time. Additionally, on June 18, bitcoin's fiat value hit a low of $17,583.

The difficulty adjustment algorithm (DAA) for Bitcoin essentially adjusts every 2016 blocks, and the adjustments are made depending on how long it took to uncover the previous 2016 block subsidies. Block times should remain steady at around 10 minutes between each BTC block found, according to the difficulty setting.

The network's hashrate dropped during the collapse of the cryptocurrency market, reaching a low of 164 EH/s on June 18 after peaking at 288 EH/s on June 8. The hashrate is cruising along at speeds slightly below 200 EH/s as of the time of writing on Wednesday, June 22.

The top five BTC mining pools over the past three days have been Foundry USA, F2pool, Antpool, Poolin, and Viabtc. 72.8 percent of the world's hashrate is currently controlled by the aforementioned five BTC mining pools.

4,271 BTC blocks were created over the past month, and Foundry found 959 of those blocks. Block rewards for bitcoin (BTC) were found by Antpool (636), F2pool (591), Poolin (457), and Viabtc (434).

BTC blocks will be 2.35 percent simpler to locate over the next two weeks than they were during the previous two weeks, block height 741,878. The DAA cut on Wednesday will assist miners because the price is lower.

Related News
Related Blogs