The difficulty in Bitcoin mining went down further by 5% to 27.693 trillion as the network difficulty still maintained its downward streak over three months ever since it reached an all-time high in May 2022.
Network difficulty has been a means that was devised by the supposed creator of BTC, Satoshi Nakamoto, which would ensure the legitimacy of every BTC transaction that used raw computing power. The reduced difficulty definitely helped the miners of BTC to confirm their transactions using lower resources, which would enable the smaller miners a big fighting chance towards earning the mining rewards.
Bitcoin Network Difficulty Has Gone Down Considerably
Despite this relatively minor setback, when one zoomed out on the data from blockchain.com, it was revealed that Bitcoin definitely continued to operate as the single most resilient and immutable blockchain network. While the adjustment of the difficulty is definitely proportional directly to the hashing power of miners, the total hash rate that was recovered was around 3.2% along similar timelines. At the peak, the hash rate of BTC definitely reached a hash rate of 231.428 exahash per second, when the prices of BTC fell to around $25,000 last month in June- which went on to raise momentary concerns about the extensive power usage that was in place.
Ever since China went ahead and banned all forms of crypto trading and mining operations in the June of 2021, the United States has picked up slack in becoming the highest contributor to the global hash rate of Bitcoin. However, the miners in China resumed their operations in September 2021, which then put USA’s global hash rate dominance at 37.84%, with China at 21.11% and Kazakhstan at 13.22%.