Bitcoin Mining Difficulty Drops by 5%

Bitcoin mining difficulty dropped on the 21st of July from a height of 745,920. The 5.01% drop outpaced the last two dispensation changes. The latest development makes finding blocks 5% less difficult than two weeks ago.

Heading to an All-Time Low?

Currently, it is about 8.77% less difficult to find Bitcoin blocks than it was in June. And it is 11.39% less difficult than the all-time difficulty that was on the 10th of May.

It was a time for miners to get a little break. The difficulty adjustment algorithm shifted lower for the third straight week. Network difficulty is defined by how hard it is to get the right hash for minted blocks.

Difficulty epochs, on the other hand, are evaluated after every 2,016 blocks. If the time required to mine those blocks happens too speedily, the difficulty level increases. But if at any time it becomes too slow, the difficulty level decreases.

The last increase in difficulty occurred on the 8th of June at a 739,872 block height. This was because the block increased by 1.29% from its level two weeks before.

There were two recorded reductions on the network. These happened in the four weeks preceding the recent difficulty adjustment algorithm shift. The first was on the 22nd of June at a 741,888 block height while dropping by 2.35% then.

The Past 30 Days in View

The other difficulty that followed was on the 6th of July at a 743,904 block height. The drop then was about 1.41% while the difficulty fell to 29.15 trillion. After a block height of 745,920, the difficulty is now at 27.69 trillion

The latest drop has not been seen since the 17th of March. At the time of writing, it is 11.39% less difficult to get a Bitcoin block. This is measured against the all-time difficulty height on the 10th of May at 735,840.

The recorded height stands at 31.25 trillion. But now, the network has lost 3.56 trillion on its difficulty. In the past two weeks, Bitcoin’s hashrate was on an average of 197.4 exahash every second.

But in the past 30 days, the highest block subsidies were caught by Foundry USA. The miner found up to 926 Bitcoin blocks from the 4,165 mined.

Foundry had a hashrate of about 22.23% over the course of last month. Foundry was followed up by Antpool. It found 638 Bitcoin blocks, while F2pool found 606 Bitcoin blocks.

Next was Binance Pool which found 505 Bitcoin blocks, and Poolin which found 434. 13 known Bitcoin mining activities recorded finding 4,108 blocks in the past month. Stealth miners, on the other hand, found 57.