The difficulty of mining a Bitcoin (BTC) block further dropped by 5% to 27.693 billion as the network’s difficulty maintains its three-month downward streak since hitting an all-time high of 31.251 billion in May 2022. .
Network difficulty is a means devised by Bitcoin creator Satoshi Nakamoto to ensure the legitimacy of all transactions using raw computing power. The reduced difficulty allows Bitcoin miners to confirm transactions using fewer resources, giving smaller miners a chance to earn mining rewards.
Despite the minor hiccup, moving away from blockchain.com data reveals that Bitcoin continues to operate as the most resilient and immutable blockchain network. While the difficulty adjustment is directly proportional to the miners’ hashing power, the total hash rate (TH/s) recovered 3.2% over similar time frames, as shown below.
At its peak, Bitcoin’s hash rate reached an all-time high of 231,428 exahash per second (EH/s) when BTC prices fell to $25,000 last month in June, prompting momentary concerns about extensive power usage.
Since China banned all crypto trading and mining operations in June 2021, the United States has rebounded by becoming the largest contributor to the global Bitcoin hash rate. However, Chinese miners resumed operations in September 2021. According to Statista data, the US accounts for 37.84% of the global hash rate, followed by China with 21.11% and Kazakhstan with 13. .22%.
Previously, Cointelegraph reported that the meteoric drop in GPU prices opened up a small window of opportunity for small miners to acquire more powerful and efficient mining equipment. That said, miners see falling GPU prices as a means of offsetting their operating costs amid an ongoing bear market.
Related: Bitcoin Mining Sustainable Energy Mix Reaches 59.5%: BTC Mining Council
Alleviating concerns related to exorbitant energy use, a report published by the Bitcoin Mining Council found that almost 60% of the electricity used for BTC mining comes from sustainable sources.
In the second quarter of 2022, #bitcoin mining efficiency increased 46% year-on-year and the sustainable energy mix reached 59.5%, up from 50% for the fifth consecutive quarter. The network was 137% more secure year over year, while only using 63% more energy. It is difficult to find a cleaner and more efficient industry.https://t.co/gqYn8qew9R
—Michael Saylor⚡️ (@saylor) July 19, 2022
The study also found that BTC mining accounted for only 0.09% of the 34.8 billion metric tons of carbon emissions estimated to occur globally and consumed only 0.15% of the global energy supply. .
This post Bitcoin Network Difficulty Drops to 27,693T as Hash Rate Eyes Recovery
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