Bitcoin Network Experiences Slight Dip in Difficulty After Record High
Bitcoin difficulty declined by 0.49% on February 12, 2023 after a sustained all-time high of 39.35 trillion in the previous two weeks (2016 blocks). The difficulty reduction is giving bitcoin miners a brief reprieve after the network recorded a 14.94% increase over the past month.
Bitcoin difficulty fell 0.49%; The top five mining pools continue to control the majority of the global hashrate
At the time of writing, the Bitcoin hashrate is holding at 289.14 exahash per second (EH/s) after 0.49% reduction in difficulty at block height 776 160. Over the past 2016 blocks or two weeks, the network difficulty has been approximately 39,350,942,467,772 hashes. With the recent 0.49% difficulty reduction, network difficulty will now be set at 39.16 trillion hashes for the next two weeks.
Since the last difficulty change, block time – the intervals between blocks mined – has ranged from 10 minutes 7 seconds to about 11 minutes 14 seconds in length. The next Bitcoin difficulty reset is scheduled for around February 26, 2023. The average hash rate over the last 2016 blocks was approximately 280.6 exahash per second (EH/s) and the average block time for these blocks was 10 minutes 2 seconds.
In past three days, Foundry USA was the leading mining pool with 33.26% of the world’s hashrate, or roughly 95.89 exahashes per second (EH/s) of hash power. Foundry is followed by Antpool with 15.97% of global hashrate and Binance Pool with 15.54% of computing power. F2pool (14.22%) and Viabtc (9.41%) following respectively. To date, there are about 12 mining pools known, and the top five control 88.4% of the world’s hashrate.
Sourced from macromicro.me statisticsbitcoin production cost (BTC) remains higher than its current value in the spot market. Macromicro.me calculates its estimates based on data on electricity consumption and daily bitcoin supply provided by the University of Cambridge. Currently, the average cost of mining one bitcoin is about $24,119, while its value in the spot market is about $21,901 per unit.
What impact will the recent difficulty reduction have on the future of bitcoin mining and hash power distribution across mining pools over the next two weeks? Share your thoughts in the comments below.
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Credit : news.bitcoin.com