Bitcoin (BTC) block mining difficulty dropped another 5% to 27.693 trillion as network difficulty continues to decline in the three months since hitting an all-time high of 31.251 trillion in May 2022.

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Network Complexity is a tool developed by Bitcoin creator Satoshi Nakamoto to ensure the legitimacy of all transactions using pure computing power. Reduced difficulty allows bitcoin miners to confirm transactions using fewer resources, giving smaller miners a chance to earn mining rewards.

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Despite a small setback, downscaling on data shows that Bitcoin continues to operate as the most resilient and immutable blockchain network. While the difficulty adjustment is directly proportional to the hashrate of the miners, the total hashrate (TH/s) recovered by 3.2% over the same time period as shown below.

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At its peak, Bitcoin’s hash rate hit an all-time high of 231,428 exahashes per second (EH/s) when BTC prices plunged to $25,000 last month in June, prompting short-term concerns about excessive power consumption.

Since China banned all cryptocurrency trading and mining operations in June 2021, the United States has taken advantage of the easing by becoming the biggest contributor to bitcoin’s global hash rate. However, Chinese miners resumed work in September 2021. According to Statista dataThe US accounts for 37.84% of the global hashrate, followed by China with 21.11% and Kazakhstan with 13.22%.

Previously, Cryptooshala reported that the rapid drop in GPU prices has opened up a small opportunity for small miners to purchase more powerful and efficient mining hardware. At the same time, miners see falling GPU prices as a means to offset their operating costs in the ongoing bear market.

Bitcoin mining sustainable capacity share reaches 59.5%: BTC Mining Council

Easing fears related to exorbitant energy consumption, a report released by the Bitcoin Mining Council revealed that nearly 60% of the electricity used to mine BTC comes from sustainable sources.

The study also found that BTC mining accounts for just 0.09% of the 34.8 billion metric tons of carbon emissions estimated to be produced globally and consumes just 0.15% of the global energy supply.