Bitcoin mining difficulty drops by 5%

The average hashrate of the network fell to 193 EH/s

22.07.2022 - 09:45

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What’s new? After the last recalculation, bitcoin’s mining difficulty dropped by 5%, to 28,82 T. Also, according to Blockchain.com, the average hashrate of the network fell to 193 EH/s. The last time there was such a sharp decline was in July 2021. As of July 22, 09:40 UTC, BTC is trading at $23 438, having gained 2,1% in 24 hours, according to Binance.

Blockchain.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.

What happened before? According to the Bitcoin Mining Council’s (BMC) report, mining energy consumption increased by 63% over the year. Hashrate rose by 137% over the same period. The data is based on an analysis of more than 50% of the bitcoin network. BMC also found that cryptocurrency mining consumes 0,15% of the world’s electricity.

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