Bitcoin’s Difficulty Slides 7.32%, Reduction Marks the Largest Drop in 2022
On Dec. 5, 2022, at block height 766,080, Bitcoin’s mining difficulty adjustment dropped 7.32% lower, making it the largest difficulty reduction in 2022. The current difficulty is approximately 34.24 trillion and it will...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
On Dec. 5, 2022, at block height 766,080, Bitcoin’s mining difficulty adjustment dropped 7.32% lower, making it the largest difficulty reduction in 2022. The current difficulty is approximately 34.24 trillion and it will remain at this point for the next two weeks or 2,016 blocks.
Bitcoin Miners Catch a Break as the Network’s Difficulty Drops 7.32% LowerBitcoin’s difficulty retarget has dropped, which makes it a bit easier for bitcoin miners to find a block than it was during the two weeks prior. The difficulty change occurred around 8:50:29 p.m. (ET), at block height 766,080 and it was the largest reduction this year. The difficulty reduction was larger than the prior record that was recorded at block height 745,920. At that time on July 21, 2022, the network’s difficulty dropped by 5.01% and the difficulty was around 27.69 trillion.
Prior to the 7.32% reduction down to 34.24 trillion, the network’s difficulty rating was at a lifetime high of 36.95 trillion. Satoshi created the difficulty retarget to change periodically or every 2,016 blocks so the average time to mine a block remains constant at around 10 minutes. Statistics show prior to block height 766,080, the average block time was around 10:48 minutes, which meant a notable difficulty reduction was predicted to happen prior to the change.
At the time of writing, at 9:00 p.m. (ET), the total hashrate associated with the Bitcoin network is around 271.33 exahash per second (EH/s). Foundry USA is the top bitcoin mining pool at the time of writing with 25.48% of the network or 64.47 EH/s. Foundry discovered 107 blocks out of 420 discovered in the last three days. Foundry is followed by the mining pools Antpool, F2pool, Binance Pool, and Viabtc respectively.
What do you think about the difficulty dropping 7.32% lower? Let us know what you think about this subject in the comments section below.
Why this matters
This bitcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on Bitcoin NewsRelated market context
Binance Celebrates Nine Years and $156 Trillion in Lifetime Volume
Binance celebrated its ninth anniversary on Tuesday with news that roughly 43% of everyone who owns cryptocurrency now uses the ex...
Bitcoin mining production slips in June for CleanSpark, BitFuFu and Canaan
CleanSpark, BitFuFu and Canaan reported lower bitcoin production in June despite mining difficulty dropping more than 10%.
Ethereum Research Thread Puts Sybil Resistance Back In Focus For Decentralized Networks
Ethereum Research Thread Puts Sybil Resistance Back In Focus For Decentralized Networks is a useful reminder that crypto coverage...
Google’s quota marketplace pushes node occupancy past 93%, and it matters for crypto mining economics
Google's efficient GPU utilization challenges decentralized networks to justify their models, potentially reshaping crypto mining...
The Bitcoin Softfork That Tried to Police “Junk Data” — And Why It’s Already Failing
Bitcoin Magazine The Bitcoin Softfork That Tried to Police “Junk Data” — And Why It’s Already Failing This is a guest post by Bran...
Ripple XRP Gains Attention After SWIFT Blockchain Expansion
SWIFT moved its blockchain-based shared ledger into live operational use, naming 17 pioneer banks for 24/7 tokenized cross-border...