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Cryptocurrency latest news: BTC network difficulty drops to 27.6

23-Jul-2022 By: Sudeep Saxena
Cryptocurrency lates

As network difficulty continues its three-month 

downward trend after reaching an ATH of 31.251 trillion back in May 2022, the difficulty of mining a block of Bitcoin (BTC) further dropped by 5% to 27.693 trillion.

Satoshi Nakamoto, the person who created Bitcoin, came up with the concept of network difficulty as a way to use computational power to assure the legality of all transactions. Bitcoin miners may now confirm transactions with fewer resources due to the decreased difficulty, giving smaller miners a chance to compete for mining rewards.

Despite the minor setback, zooming out on source data demonstrates that Bitcoin is still the most durable and unbreakable blockchain network. Despite the fact that the difficulty adjustment is closely correlated with the hashing power of miners, the overall hash rate (TH/s) regained 3.2 percent during the same time periods.

When BTC prices dropped to $25,000 last month in June, the Bitcoin hash rate spiked to an all-time high of 231.428 exahashes per second (EH/s), briefly sparking worries about heavy power usage. 

Since China outlawed all cryptocurrency trade and mining in June 2021, the United States has taken over as the country that contributes the most to the global Bitcoin hash rate. But in September 2021, Chinese miners started up again. Data from sources show that the US makes up 37.84 percent of the world's hash rate, followed by China (21.11 percent) and Kazakhstan (3.22 percent).

Earlier, CoinGabbar noted that the sharp decline in GPU prices has given a limited window of opportunity for regular miners to buy a piece of more capable and productive mining hardware. However, given the continued bear market, miners see dropping GPU prices as a way to reduce their operating expenses.

Read also: Global GPU prices decline to offset declining Bitcoin mining revenue

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