This weekend, another recalculation of the difficulty of Bitcoin mining took place. Experts had expected the rate to drop by 20%, but the difficulty fell by almost 28%.
Mining difficulty is recalculated every 2,016 blocks. The higher the network hashrate, the higher the difficulty – this helps maintain an average block time of 10 minutes. Over the past few days, blocks have been mined on average in 13 minutes 55 seconds. Previously, the difficulty has already decreased several times by 15-18%, but the fall by more than 20% took place for the first time.
This decline was caused by bans on mining in China, associated with concerns about the harm of mining cryptocurrencies for the environment. After that, the average hash rate of the first cryptocurrency network in seven days decreased from 136 Eh / s to 85 Eh / s. That is, the drop in hash rate was about 35%.
Interestingly, on July 1, Bitcoin miners took a whopping 129 minutes to mine a block. The hiatus in block production was the largest since 2011.
Earlier it was reported that, due to the fall of the cryptocurrency market and the increase in regulatory pressure, the income of BTC and ETH miners decreased by 42% and 53%, respectively.
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