The mining difficulty adjustment for Bitcoin decreased by 7.32 percent at block height 766,080, the most in 2022. The difficulty will stay at this level for the next two weeks or 2,016 blocks. It is now about 34.24 trillion.
Bitcoin Miners Benefit as Network Difficulty Drops by 7.32 percent Lower
The difficulty retarget for bitcoin has decreased, making it a little simpler for miners to locate a block than it was during the previous two weeks. The highest reduction in difficulty this year happened at block height 766,080 at approximately 8:50:29 p.m. (ET). The difficulty was reduced more than the previous record, which was block height 745,920. 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 or 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, at 9:00 p.m. (ET), is around 271.33 exahashes per second (EH/s). 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. The mining pools Foundry are followed, in that order, by Antpool, F2pool, Binance Pool, and Viabtc.