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Bitcoin’s Mining Difficulty Shrinks for the First Time in 4 Weeks – Mining Bitcoin News


Bitcoin miners had a small respite Sunday night (ET) after the network’s mining difficulty dropped 0.20% lower than the difficulty rating two weeks earlier. This drop was the first drop in mining difficulty in four weeks, as the metric changed from 36.84 trillion to 36.76 trillion.

Bitcoin Miners Gain a Small Break as Network Difficulty Drops by 0.20%

Bitcoin’s mining difficulty is still extremely high compared to its mid-August 2022 high. For example, on August 17, 2022, just before the year’s third biggest difficulty increase, the difficulty was around 28, 35 trillion VND. At 36.76 trillion, the data shows a 29.66% increase in difficulty since August 17, making it 29% harder to find bitcoins (BTC) block today compared to mid-August.

Bitcoin Mining Difficulty Drops for the First Time in 4 Weeks
Total hashrate of Bitcoin on November 7, 2022.

Although the 0.20% drop is a small reduction, it is still useful for miners while the difficulty increases. At the time of writing, Bitcoin’s total hashrate is around 269.86 exahashes per second (EH/s). Records show that BTCtotal lifetime of high hashrate (321.15 EH/s) recorded on October 5, 2022, was broken by a new record set on October 31. On that day, at block height of 761,186, Bitcoin’s total hashrate reached an all-time high. in 327.35 EH/s.

Bitcoin Mining Difficulty Drops for the First Time in 4 Weeks
Bitcoin total difficulty on November 7, 2022.

The reason why the network’s mining difficulty has dropped is because the block generation time has slowed down. The block interval is just over 10 minutes at the time of writing, as the block time is currently 10 minutes and six seconds long. This means that, at least at current speeds, another difficulty drop could be on the cards when it changes back on November 20, 2022. However, a lot could change in two weeks. or 2,016 blocks and the recent 0.20% drop should help miners.

Bitmain’s S19 XP Hydrogen Bitcoin Mining Rig With 255 Terahash Becomes Most Profitable Mining Device

Statistics for three days show Foundry USA leads the pack when it comes to the top bitcoin mining pools today. Foundry commands 31.47% of the global hashrate with 84.07 (EH/s) of SHA256 hashpower dedicated to the Bitcoin chain. Following Foundry is Antpool, F2pool, Binance Pool and Viabtc respectively. Unknown stealth or hash density miners command the sixth largest pool position in terms of hash rate size, with 10.59 EH/s or 3.96% of the total global hash rate.

Bitcoin’s fourth block subsidy era or next block reward halving is expected to occur from April 13 to April 22, 2024, after more than 77,000 BTC blocks are mined. On November 7, 2022, the most profitable bitcoin mining rig was Bitmain Antminer S19 XP Hyd. with 255 terahash per second (TH/s). With a very high electricity rate of $0.12 per kilowatt hour (kWh), the model produced by Bitmain makes a profit of $11.01 per day. If electricity costs drop to $0.07 per kWh, the Antminer S19 XP Hyd. can get an estimated profit of $15.51 per day.

Cards in this story

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What do you think about Bitcoin’s network difficulty dropping by 0.20% this week? Let us know what you think about the current state of the bitcoin mining ecosystem in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the crypto community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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