Bitcoin mining difficulty drops by 2% after reaching its all-time high

The average hashrate of the network decreased to 223,06 EH/s

29.09.2022 - 12:15

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What’s new? Bitcoin’s mining difficulty dropped by 2,14%, to 31,36T, after hitting its all-time high duringthe previous mid-September adjustment. According to BTC.com, the network’s average hashrate decreased to 223,06 EH/s. It is worth noting that this is the first drop in the difficulty of mining the first cryptocurrency in the last two months, before this indicator showed negative dynamics only on July 22. As of September 29, 11:00 UTC, bitcoin is trading at $19 452, having gained 2,38% per day, according to crypto exchange Binance.

BTC.com’s data

Hashrate is the total computational power in the bitcoin network. The mining difficulty determines the amount of computing power it takes to find a new block in the blockchain. The parameter changes every 2016 blocks, or about once every two weeks. This ensures that the time it takes to find a block is around 10 minutes.

Situation with mining. Earlier, analysts at Hashrate Index predicted the growth of the average bitcoin hashrate to 270-280 EH/s by the end of 2022. According to experts, all public miners continue to increase their hashrate and plan to increase capacity by almost 17 EH/s.

At the same time, Arcane Research reported that most cryptocurrency mining companies are suffering losses due to the ongoing crypto winter. Analysts examined the financial statements of Argo Blockchain, Bitfarms, CleanSpark, Stronghold, Hut 8 Mining, Marathon Digital Holdings, Riot Blockchain, and Core Scientific and concluded that only the first firm on the list had $26 million in undistributed profits. The remaining mining companies had retained losses ranging from $137 million to $1,3 billion.

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