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The decreased difficulty enables Bitcoin miners to confirm transactions with fewer resources, giving smaller miners a chance to win mining rewards.
The difficulty of Bitcoin (BTC) block mining decreased by 5 percent to 27.693 trillion as the network difficulty continues its three-month-long downward trend since reaching a record high of 31.251 trillion in May 2022.
Network difficulty is a method established by Satoshi Nakamoto, the founder of Bitcoin, to guarantee the authenticity of all transactions by using sheer processing power. The decreased difficulty enables Bitcoin miners to confirm transactions with fewer resources, giving smaller miners a chance to win mining rewards.
Zooming out on blockchain.com’s data demonstrates that Bitcoin continues to run as the most robust and immutable blockchain network, despite the little setback. Even though the difficulty adjustment is directly related to the hashing power of miners, the overall hash rate (TH/s) regained 3.2% within comparable timescales, as seen below.
At its peak, the Bitcoin hash rate reached an all-time high of 231.428 exahashes per second (EH/s) when BTC values dropped to $25,000 in June, prompting fleeting worries over excessive power use.
Since June 2021, when China stopped all crypto trading and mining activities, the United States has surpassed China as the most significant contributor to the worldwide Bitcoin hash rate. In September 2021, however, Chinese miners restarted operations. The United States represents 37.84 percent of the worldwide hash rate, followed by China at 21.11 percent and Kazakhstan at 13.22 percent, according to Statista statistics.
Previously, Cointelegraph noted that the dramatic reduction in GPU pricing had given small-scale miners a brief window of opportunity to acquire more powerful and efficient mining equipment. Despite this, miners view declining GPU prices as a way to offset their operational expenses in a prolonged bear market.
In a study provided by the Bitcoin Mining Council, it was discovered that approximately 60 percent of the electricity utilized for BTC mining is derived from renewable sources, easing worries about excessive energy use.
In addition, the analysis revealed that Bitcoin mining accounted for just 0.09 percent of the anticipated 34.8 billion metric tons of carbon emissions produced globally and 0.15 percent of the global energy supply.