Bitcoin Difficulty Adjustment Marks a Decrease in Discovering New BTC
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The latest mining difficulty recalibration for Bitcoin has seen a notable decrease, making it a little easier for miners to discover new BTC blocks than it was during the last two weeks. The highest reduction in difficulty this year happened at block height 766,080 earlier today.
Compared to the previous record set at block height 745,920, today’s difficulty reduction was greater. On July 21, 2022, the network’s difficulty had decreased by 5.01% and was around 27.69 trillion.
The network’s difficulty rating was at a record high of 36.95 trillion until it was reduced by 7.32% to 34.24 trillion. The difficulty retarget was developed by Satoshi to adjust frequently, every 2,016 blocks, to maintain a consistent average block mining time of roughly 10 minutes.
According to statistics, the average block time before block height 766,080 was approximately 10:48 minutes, indicating that a significant difficulty reduction was anticipated to occur before the modification.
The overall hashrate connected to the Bitcoin network at the time of writing is around 271.33 exahashes per second (EH/s).
Foundry USA Controls the most Bitcoin Mining Hashrate
As of this writing, Foundry USA is the leading Bitcoin mining pool, controlling 25.48% of the network or 64.47 EH/s. Out of the 420 blocks found in the last three days, 107 were found by Foundry. Antpool, F2pool, Binance Pool, and ViaBTC, in that order, are the next mining pools after Foundry.
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