Bitcoin Network’s Mining Difficulty Drops 3.9% to 70.34 Trillion

The Bitcoin network recently saw a significant decrease in its mining difficulty, dropping by 3.9% to reach 70.34 trillion. This adjustment comes as a relief to miners, particularly during the recent cold snap experienced in Texas. With the difficulty level reduced, the process of mining Bitcoin has become slightly more manageable for miners. This change took place on January 20, 2024, at block height 826,560, signaling a decrease in the challenge of discovering a block reward compared to the previous weeks. The current difficulty level will remain in effect for the next 2,016 blocks, approximately two weeks, until the next adjustment is anticipated on February 4, 2024.

Bitcoin Network’s Mining Difficulty Drops 3.9% to 70.34 Trillion

The Bitcoin network recently experienced a decrease in mining difficulty, with a reduction of 3.9% recorded at block height 826,560. This adjustment brings the network’s mining difficulty down to 70.34 trillion. The next adjustment is anticipated to occur on February 4, 2024.

Bitcoin Difficulty Slips to 70.34 Trillion, Lightening Load for Miners

The recent reduction in Bitcoin’s mining difficulty has made the process of mining the leading cryptocurrency slightly easier for miners. The adjustment took place on January 20, 2024, at block height 826,560. Prior to this adjustment, the mining difficulty was set at 73.19 trillion. However, it has now decreased to the current level of 70.34 trillion. This decrease in difficulty translates to a 3.9% decrease in the challenge faced by miners in discovering a block reward.

Current Difficulty Defines Maximum Threshold for Valid Blocks

The current difficulty level of 70.34 trillion sets the maximum threshold for the hash of a Bitcoin block to be considered valid. When the difficulty is set at this level, it means that the hash of a valid block must not exceed a certain target number. This target number is significantly smaller compared to the vast number of potential hash values. The current difficulty level will remain in effect for a period of 2,016 blocks, which typically spans over two weeks. The next epoch is expected to occur on or around February 4, 2024.

Next Adjustment Anticipated on Feb. 4, 2024

Following the recent decrease in mining difficulty, the next adjustment is anticipated to take place on February 4, 2024. This adjustment will further determine the level of difficulty in mining Bitcoin and ensure the stability and efficiency of the network.

Mining Entities and Pools

There are currently 51 different mining entities or pools contributing their hashrate to the Bitcoin blockchain. Among these entities, Foundry USA holds the largest share of the total hashrate, with 29.43% over the past three days. Foundry USA wields 139.89 exahash per second (EH/s) of hashpower. Antpool commands 22.49% of the total hashrate, controlling approximately 106.90 EH/s of SHA256 hashpower. Following Foundry USA and Antpool, F2pool, Viabtc, and Binance Pool hold significant shares of the total hashrate.

Foundry USA Leads with 29.43% Hashrate

Foundry USA currently stands as the leading mining entity or pool in terms of hashrate allocation. With a share of 29.43% of the total hashrate over the past three days, Foundry USA’s contribution to the Bitcoin network is significant. Their hashrate of 139.89 EH/s demonstrates their commitment to mining and securing the Bitcoin blockchain.

Antpool Commands 22.49% of Hashpower

Antpool, a prominent mining pool, holds a commanding share of the total hashrate. With 22.49% of the aggregate hashrate, Antpool contributes approximately 106.90 EH/s of SHA256 hashpower. Their significant presence in the mining landscape highlights their role in maintaining the security and functionality of the Bitcoin network.

Other Leading Mining Pools

Aside from Foundry USA and Antpool, there are several other mining pools that play a significant role in supporting the Bitcoin network. These pools include F2pool, Viabtc, and Binance Pool. Collectively, these mining pools contribute to the overall hashrate and ensure the integrity of the Bitcoin blockchain.

Bitcoin Network Hashrate

The total hashrate of the Bitcoin network currently sits just below the 500 EH/s mark. On January 20, 2024, at 11:00 a.m. Eastern Time, the total hashrate recorded was 497 EH/s. This figure is slightly below the seven-day simple moving average (SMA) of 547 EH/s, which was noted on January 15, 2024. The decrease in hashpower can be attributed to scaled-back operations in Texas, where mining businesses have reduced their activity to alleviate strain on the energy grid caused by extreme subzero temperatures.

Seven-day Moving Average at 547 EH/s

The seven-day moving average (SMA) of the Bitcoin network’s hashrate stood at 547 EH/s on January 15, 2024. This metric provides a measure of the average hashrate over a seven-day period and helps monitor the overall performance of the network. The SMA is a valuable tool in assessing the health and stability of the Bitcoin network.

Decrease in Hashpower due to Scaled-back Operations in Texas

The recent reduction in hashpower observed in the Bitcoin network can be attributed to scaled-back mining operations in Texas. Extreme subzero temperatures have impacted the state, causing strains on the energy grid. To alleviate these strains and prioritize energy consumption, mining businesses in Texas have scaled back their operations temporarily. This reduction in hashpower has resulted in a decrease of approximately 50 EH/s in less than a week.

In conclusion, the recent drop in Bitcoin’s mining difficulty to 70.34 trillion has lightened the workload for miners. The upcoming adjustment on February 4, 2024, will further shape the difficulty level. Additionally, the contributions of various mining entities and pools, such as Foundry USA and Antpool, play a crucial role in maintaining the overall hashrate of the Bitcoin network. However, the recent decrease in hashpower, primarily due to scaled-back operations in Texas, highlights the impact of external factors on the network’s performance. Overall, these developments shape the landscape of Bitcoin mining and the stability of the network.