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Friday, December 9, 2022

Network Difficulty For Bitcoin Drops 4.3% To 29.897T

During a May 25 adjustment, Bitcoin’s mining difficulty reduced by about -4.33 percent, the greatest since July 2021.

BTC.com, which measures network mining difficulty and updates every two weeks when modifications are made, revealed the information. The difficulty adjustment algorithm (DAA) has fallen from 31.25 trillion to 29.85 trillion, making it 4.33 percent simpler to mine BTC over the next two weeks. It’s the biggest decline in DAA since July 17, 2021, when the complexity dropped 4.81 percent to 691,488 blocks.

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Network Difficulty refers to the difficulty of the mathematical process that goes into mining, in which miners strive to discover a hash below a certain level over and over again.

The Drop In Network Difficulty Was The Steepest In 10 Months

The incentive for the following transaction block goes to the miners that “find” this hash. Every 2,016 blocks (approximately every two weeks), the difficulty increases to keep up with the network’s mining power.

After July of last year, when the Network Difficulty decreased by -4.81 percent, there hasn’t been a decline of more than 1.5 percent in a single month.

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That occurred at a time when China was tightening down on Bitcoin mining, causing the overall network hash rate to decrease by nearly half in less than two months.

According to statistics provided by The Block Research, the network’s hash rate has declined by around 5.43 percent since the latest difficulty upgrade on May 11. Since its low point in the summer of 2021, Bitcoin’s network difficulty has generally been climbing, in lockstep with hash rate – with a few minor dips here and there.

Last Monday, the Cambridge Centre for Alternative Finance, a key source of hash rate distribution data, presented additional results revealing that some Bitcoin miners continued to operate in China after the ban was lifted.

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