Bitcoin Mining Difficulty Drops 4.33%, Biggest Reduction in 10 Months
It’s now 4.33% easier to mine bitcoin over the next two weeks as the difficulty adjustment algorithm (DAA) dropped from 31.25 trillion to today’s 29.85 trillion. It’s the largest DAA drop since July 17, 2021, when the difficulty dropped 4.81% at block height 691,488. Bitcoin Mining Difficulty Dips 4.33% — The Largest Drop Since July 2021 Mining bitcoin is a lot less difficult than it was before May 25, 2022, as Bitcoin’s difficulty adjustment algorithm (DAA) saw a 4.33% reduction in difficulty. Prior to the drop, Bitcoin’s difficulty was approximately 31.25 trillion and today,it’s approximately 29.85 trillion after the largest drop since July 2021. The DAA change occurred at block height 737,856 on Wednesday.
Bitcoin’s USD value has been lower in recent times, so a downward difficulty adjustment helps miners recoup some of the losses by making it 4.33% easier to find bitcoin block rewards. Currently, a Bitmain Antminer S19 Pro+ Hyd. with 198 terahash per second (TH/s) in hashpower can get an estimated $9.24 per day in BTC profits. Bitcoin’s global hashrate has been consistent and above the 200 exahash per second (EH/s) region for quite some time now. On May 2, 2022, Bitcoin’s hashrate tapped an all-time high at 275 EH/s at block height 734,577. Right now, there are 1,864 bitcoin (BTC) blocks left to be found until the next DAA change on June 8, 2022, and 101,992 blocks left until the next reward halving. There will be roughly 51 consecutive DAA changes every two weeks before the block reward halving occurs. Bitcoin’s current difficulty, the USD value, and a cost of $0.12 per kilowatt-hour (kWh) makes it so machines that produce 30 terahash per second (TH/s) are not very profitable, unless the miner pays less than $0.12 per kWh. For example, the Innosilicon T3+ (52 TH/s), gets around $0.21 per day in BTC profits if electricity costs $0.12 per kWh. Three-day mining pool statistics indicate that there are 12 known mining pools today dedicating SHA256 hashpower to the BTC chain. Approximately 1.44% of the global hashrate is operated by unknown or stealth miners with roughly 3.04 EH/s of hashpower. Metrics over the past 72 hours show Foundry USA has been the top bitcoin mining pool in terms of global hashrate and blocks found. At the time of writing, Foundry’s hashrate is approximately 24.28% of Bitcoin’s global hashrate or 51.10 EH/s. The pool found 101 BTC block rewards out of the 416 blocks found during the past three days. Bitmain’s Antpool managed to find 61 blocks out of the 416 found in three days, making it the second largest pool in terms of computational power. Antpool’s 30.86 EH/s of hashrate equates to 14.66% of the global aggregate. With BTC’s difficulty running at 29,850,529,410,160 estimates currently show another reduction is in the cards, but 13 days can change the estimation a great deal. At the time of writing, the DAA is estimated to reduce roughly 0.16% lower. Tags in this story 12 known pools, 200 EH/s, Antpool, Bitcoin Miners, Bitcoin mining, Bitcoin’s hashrate, BTC hashpower, BTC Hashrate, BTC Mining, BTC network, DAA, difficulty adjustment algorithm, difficulty change, Exahash, Foundry USA, mining bitcoin, Mining BTC, S19 Pro+ Hyd., Terahash, Unknown Miners
What do you think about the downward difficulty change on May 25 at block height 737,856 on Wednesday? Let us know what you think about this subject in the comments section below. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today. No Tax Amnesty for Russian Crypto Miners as Lawmakers Withdraw Proposal MINING | 18 hours ago ESG Study Shows Bitcoin Mining’s Potential to Eliminate 0.15% of Global Warming by 2045, Claims No Other Technology Can Do Better MINING | 20 hours ago
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