Bitcoin network mining difficulty increased for the first time in 57 days, increasing by 1.74% over the past two weeks. Meanwhile, Bitcoin’s hashrate has been below average as the network’s computing power is down 1.7% in Q2 compared to Q1 2022. After hitting 292 exahash per second (EH/s ) on June 8, Bitcoin’s hashrate is today below the 200 EH/s Mark at 182 EH/s.
Bitcoin’s difficulty is increasing, making it harder to find block rewards for the next 2 weeks
Following three consecutive Difficulty Adjustment Algorithm (DAA) reductions over the past six weeks, the DAA has shifted up for the first time since June 8. On August 4, at block height 747,936, the difficulty increased by 1.74%, taking the metric from 27.69 trillion to the current 28.20 trillion.
The DAA, or Difficulty Epoch, changes every 2,016 blocks or approximately every two weeks. The DAA increases when the 2016 blocks are discovered too quickly and the metric decreases when the discovery time is too slow. Satoshi Nakamoto’s design makes that roughly every ten minutes, a new BTC block is found because the DAA system is modeled by a Poisson distribution scheme.
Since Thursday’s 1.74% increase, it is now harder to find a bitcoin block than it has been for the past two weeks. Prior to the rise, the DAA fell three times in a row after June 8. Currently, the network’s $28.2 trillion difficulty metric is 9.76% below its all-time high in mid-May when it hit 31.25 million.
With stockings BTC prices and the latest increase in difficulty, the changes could negatively affect miners over the next couple of weeks. At press time, the computing power of the network is below the 200 PE/s zone, as it moves at 182 PE/s today.
Bitcoin’s overall hashrate was down 1.7% in Q2 2022 compared to Q1, according to statistics compiled by stockapps.com fintech expert Edith Muthoni. “In the second half of the second quarter, Bitcoin’s overall hash rate became more erratic and variable,” Muthoni notes in his research. “This behavior indicates that miners are struggling to adapt to changing market conditions.”
At 182 EH/s, Bitcoin’s hashrate is 37% below the all-time high of 292 EH/s recorded on June 8. Q2 data indicates that Foundry USA was the top mining pool, capturing 22.27% of the overall Q2 hashrate. Discovery foundry 2,843 BTC blocks out of the 12,766 blocks found in T2.
Antpool trailed Foundry with 14.77% of the global hashrate, with the pool discovering 1,885 blocks over the three-month period. The third largest mining pool in Q2 2022 was F2pool, with 14.31% of the global hashrate, as it mined 1,827 of the 12,766 blocks discovered in Q2.
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