BTC Network Difficulty Drops While Hash Rate Eyes Recovery

The BTC Network difficulty drops while the hash rate eyes recovery and allows BTC miners to confirm the transactions using low resources and enable smaller miners a chance to earn the mining rewards so let’s read more today in our latest Bitcoin news.

The BTC network difficulty drops and it was reduced even furhter by 5% to 27.693 trillion as network difficulty maintained a three-month-long downward streak after reaching an all-time high of 21,251 trillions back in May this year. the network difficulty is a means devised by BTC creator Satoshi Nakamoto to ensure the legitimacy of the transactions using computing power. The reduced difficulty allows BTC miners to confirm the transaction using low resources and enable smaller miners a chance to earn the mining rewards.

In Q2 2022, #Bitcoin mining efficiency surged 46% YoY, and sustainable power mix reached 59.5%, above 50% for the 5th quarter in a row. The network was 137% more secure YoY, only using 63% more energy. It is hard to find an industry more clean & efficient.https://t.co/gqYn8qew9R

— Michael Saylor⚡️ (@saylor) July 19, 2022

Despite the setbacks, zooming out on the data shows that BTC continues to operate as a resilient blockchain network and while the difficulty adjustment is proportional to the hashing power of miners, the total hash rate recovered 3.2% in the same timeline. At its peak, the BTC hash rate reached a new high of 231,428 exahash per second when the prices of BTC dropped to $25,000 and raised concerns around extensive power usage.

Since China banned all crypto trading and mining operations in June 2021, the US picked up slack for becoming the biggest contributor to the global BTC hash rate but the Chinese miners resumed operations in September 2021. as per the Statista data, the US represents 37.84% of the global hash rate after china’s 21.11%. The reports show the meteoric drop in GPU prices opened up a smaller window of opportunity for smaller-time miners to procure a piece of powerful mining equipment. With that being said, miners will see failing GPU prices as a means to offset operational costs amid the ongoing bear market.
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Easing up the concerns about exorbitant power usage, the reports by the BTC Mining Council uncovered that 60% of the electricity used for mining will come from sustainable sources. The study found that BTC mining accounted for over 0.09% of the 34.8 billion metric tons of carbon emissions estimated to be produced across the world and consumed 0.15% of the global energy supply.