Bitcoin Mining Difficulty Declines First Time in Two Months

According to BTC.com report, Bitcoin mining difficulty was adjusted at 10:56 a.m. today, and the mining difficulty was reduced by 2.14% to 31.36T at a block height of 756,000. The first time the difficulty has been lowered in nearly two months and there are currently 7,696 unconfirmed Bitcoin transactions.

At the moment, the network’s average hashrate is 224.41 EH/s, and the 24-hour transaction speed is 3.13 transactions/s.

According to the data, the next Bitcoin difficulty adjustment is estimated to take place on October 11, 2022, 05:05:22 AM UTC increasing the Bitcoin mining difficulty from 31.36 T to 33.54 T.

This wasn’t the case in mid-September. On-chain data from September 14 show that bitcoin’s (BTC) mining difficulty has reached an all-time high. Bitcoin’s mining difficulty increased by 3.45% to 32.05 trillion hashes at a block height of 753,984 then. The difficulty printed the second-largest increase in 2022, increasing by 9.26%, roughly two weeks or 2,016 blocks ago.

Following the record-high $69,000 in November 2021, Bitcoin has not been able to break through $25,000 since August and is currently trading at $19,000. This is concerning news for miners who have invested hugely in powerful computers in the hopes of recouping their investment through returns.

Furthermore, mining puzzles become more difficult as the number of miners grows. An increase in mining difficulty indicates that more miners are coming onboard.

This also implies that they must consume more computing power, raising operating costs even further, particularly for those without long-term power pricing agreements. In that regard, the new low in mining difficulty is good news for miners.

Since July, the profit for one terahash per second of computing power has ranged between $0.119 and $0.070 per day, down from $0.45 in November of last year and near its lowest point in two years.

In other news, according to annualized data in a new report released Tuesday by the Cambridge Center for Alternative Finance, Bitcoin miners’ emissions are expected to be 14.1% lower this year than in 2021.