Bitcoin Mining Difficulty records the biggest drop in a year

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2022-07-25 19:00:39

Bitcoin mining algorithm difficulty has dropped by a record 5% as the network’s hashrate also drops after peaking.

Bitcoin Mining Difficulty records the biggest drop in a year

In the latest adjustment today (July 21), the mining algorithm difficulty of the Bitcoin network has decreased by 5.01% amid the fact that the hash rate or hashrate has decreased by 8.9% since July 6. This is the biggest drop since July 2021.

Bitcoin mining difficulty fluctuations. Source: Blockchain.com

Bitcoin mining algorithm difficulty is already new peak in May 2022. The BTC hashrate then also recorded a new ATH at 258 EH/s.

Bitcoin hashrate volatility. Source: Blockchain.com

Since China bans all cryptocurrency trading and mining activities In September 2021, the United States rose to become the largest contributor to the global Bitcoin hashate. However, Chinese miners seem to have tacitly returned to this track. Follow data of the Statistathe US accounts for 37.84% of the global hashrate, followed by China with 21.11% and Kazakhstan at 13.22%.

Massive network difficulty and rising electricity costs around the world coupled with falling BTC prices are putting enormous pressure on Bitcoin miners. The majority of miners have gone into “hibernation” as profit margins are currently bottoming out. Not stopping there, there were many miners who sold their assets massively to partially compensate for the loss.

As an effort to help alleviate concerns regarding electricity usage, the Bitcoin Mining Council released a report showing that nearly 60% of the electricity used to mine BTC comes from sustainable energy sources. steady. The study also shows that BTC mining accounts for only 0.09% of the estimated 34.8 billion tons of carbon emissions and consumes only 0.15% of the global energy supply.

From long-term Bitcoin investor losses that peaked in 2 years, leading to real “fear” BTC miners, combined with Bitcoin mining revenue just recorded its worst decline in 2022 and The on-chain indicator above, frankly, we’re in a pretty bad spot if miners trigger a sell-off.

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