Bitcoin Mining Complexity Decreases 2.65%; Slight Increase in Hashrate Price Observed

Bitcoin Mining Complexity Decreases 2.65%; Slight Increase in Hashrate Price Observed

On September 5, 2023, the level of difficulty for Bitcoin mining dropped by 2.65% at block 806,400, providing minor relief for those engaged in mining. This constitutes the first downward shift since July 26, when there was a 2.94% reduction at block 802,368.

Easier Mining Conditions for Bitcoin Miners With 2.65% Fall in Difficulty and Increment in Hash Price By Tuesday night, it has become somewhat easier for Bitcoin (BTC) miners. A 2.65% reduction in mining difficulty was noted at block 806,400 on Tuesday evening. This shift followed a peak in difficulty, which reached a remarkable 55.62 trillion and stayed consistent for 2,016 blocks, approximately for a two-week period.

Following the decrease, the current mining difficulty is at 54.15 trillion. Over the past 2,016 blocks, the average network hashrate was a strong 386.2 exahash per second (EH/s). At the moment, the global hashrate is around 400 EH/s, which equates to an astounding 400,000,000 terahash per second (TH/s). The Bitcoin community is looking forward to September 20, 2023, for the next expected adjustment in mining difficulty, which is nearly two weeks away.

As of the morning of September 6, 2023, at 8:30 a.m. ET, a sum of 19,477,693.07 BTC is circulating, with 1,522,087.48 BTC still to be mined. Leading the mining activity for the past 72 hours is Foundry USA, with a hashrate of 104.57 EH/s, making up 26.23% of the total three-day hashrate. During this 72-hour period, Foundry claimed 112 of the 427 available block rewards.

Closely following is Antpool, which contributed 24.82% to the total hashrate with 98.97 EH/s, and secured 106 of the 427 block rewards. Other significant players in the mining field are F2pool, Viabtc, and Binance Pool. Notably, around 40 different mining pools are currently focusing their SHA256 hashrate on the Bitcoin network.

The downward adjustment in difficulty coincides with a small rise in the price of hash power. As of August 29, miners were earning $60 per day for each petahash per second (PH/s). Fast-forwarding eight days, this amount has increased to $61.72 per day per PH/s. Considering the existing difficulty levels and Bitcoin’s current market value, miners can expect a daily earning of $0.06173 per terahash per second (TH/s).

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