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Following BTC’s Price Drop, Bitcoin Miners Benefit From a 2.35% Difficulty Reduction

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Over the past week, Bitcoin’s hashrate has fallen by a few percent after hitting 288 exahashes per second (EH/s) on June 8, 2022. However, on Wednesday, June 22nd, bitcoin miners got a breather as mining difficulty dropped by 2.35. %, which makes it easier for miners to find blocks. A 2.35% drop brings the difficulty down to 29.50 trillion over the next two weeks.

Bitcoin mining difficulty dropped by 2.35%

  • On Wednesday, June 22, at a block height of 741,888, bitcoin mining difficulty dropped 2.35% lower than two weeks ago. At that time, the difficulty rating was 30.28 trillion, and today it is 29.50 trillion. In addition, the fiat value of bitcoin dropped to a low of $17,593 on June 18.
  • Essentially, the Bitcoin Difficulty Adjustment Algorithm (DAA) changes every 2016 blocks, and these changes are based on the amount of time it took to find the previous 2016 block subsidies. The complexity is designed to keep a constant block time of about 10 minutes between each. BTC block found.
  • The last change in difficulty at block height 739,872 two weeks ago increased by 1.29%. This means that it took less than two weeks to find previous 2016 blocks up to block height 739,872, which means that miners worked faster during this period. This means that while the DAA bias is down 2.35% today, previous 2016 blocks were much slower to discover.
  • 2.35% reduction makes searching 2.35% easier BTC blocks than it was in the last two weeks or 2016 blocks found. BTCThe block reward is expected to halve on April 23, 2024 and occur in less than 100,000 blocks.
  • While the hash rate reached 288 EH/s on June 8, the network hash rate dropped during the cryptocurrency market crash and hit a low of 164 EH/s on June 18. at a rate just below 200 EH/s.
  • Over the past three days, the top five BTC mining pools include Foundry USA, F2pool, Antpool, Poolin and Viabtc. The above five BTC Mining pools now control 72.8% of the world’s hashrate.
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  • Last month 4 271 BTC the blocks were mined and Foundry discovered 959 of those blocks. Antpool found 636 bitcoins, F2pool found 591, Poolin found 457, and Viabtc found 434 bitcoins (BTC) lock rewards.
  • Over the next two weeks, it will be 2.35% easier to find. BTC blocks than two weeks before block height 741,888. Since the price is lower, miners will benefit from the DAA drop on Wednesday.
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What do you think about Wednesday afternoon (ET) bitcoin difficulty reduction? Let us know what you think about it in the comments section below.

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Denial of responsibilityA: This article is for informational purposes only. This is not a direct offer or solicitation to buy or sell, nor is it a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly liable for any damage or loss caused or alleged to be caused by the use of or reliance on any content, goods or services mentioned in this article.



Credit : news.bitcoin.com

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