Crypto News & Watchlists

Bitcoin Mining Difficulty Dips 2.65%; Network Clocks Modest Uptick in Hash Price

On Tuesday, September 5, 2023, Bitcoin’s mining difficulty experienced a 2.65% dip at block height 806,400, offering a slight reprieve for miners. This marks the first decline since July 26, when a 2.94% slide was recorded at block height 802,368.

Bitcoin Miners See Relief With 2.65% Difficulty Drop and Rising Hash Price

As of Tuesday evening, bitcoin (BTC) miners are finding the going a tad smoother. The network’s mining difficulty decreased by 2.65% on Tuesday evening at block height 806,400. This adjustment comes after the difficulty peaked at an impressive 55.62 trillion, holding steady for 2,016 blocks, or roughly two weeks.

Post-decline, the difficulty now stands at 54.15 trillion. Over the past 2,016 blocks, the network’s hashrate averaged a robust 386.2 exahash per second (EH/s). Currently, the global hashrate hovers around 400 EH/s, translating to a staggering 400,000,000 terahash per second (TH/s). Bitcoin enthusiasts are eyeing September 20, 2023, as the date for the next anticipated difficulty adjustment, which is just shy of two weeks away.

As of September 6, 2023, at 8:30 a.m. Eastern Time, a total of 19,477,693.07 BTC is in circulation, leaving 1,522,087.48 BTC yet to be mined. Dominating the mining scene over the last 72 hours is Foundry USA, boasting a hashrate of 104.57 EH/s, which accounts for 26.23% of the 3-day total. In the recent three-day span, Foundry secured 112 block rewards from the 427 blocks mined.

Hot on their heels is Antpool, contributing 24.82% to the total hashrate with 98.97 EH/s and claiming 106 of the 427 block rewards. Following the lead of Foundry and Antpool are F2pool, Viabtc, and Binance Pool. Notably, around 40 distinct mining pools are currently directing their SHA256 hashrate toward the Bitcoin blockchain.

The decline in difficulty aligns with a modest uptick in hash price. On August 29, miners were pocketing $60 daily for every petahash per second (PH/s) generated. Fast forward eight days, and that figure has climbed to $61.72 per day for each PH/s produced. Given the present difficulty conditions and BTC’s prevailing market rate, miners can anticipate a daily bounty of $0.06173 for every terahash per second (TH/s) generated.

What do you think about the Bitcoin network’s difficulty reduction and the slight uptick in hash price? Share your thoughts and opinions about this subject in the comments section below.

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