Bitcoin miners had a small break on March 3, after the network’s mining difficulty dropped for the first time since November 28, 2021. Bitcoin’s hashrate remained high between 180 and 220 exahash per second (EH/ s) over the past week, but the price of the leading crypto asset has lost more than 3% in the past 24 hours.
Bitcoin difficulty drops 1.49% at block height 725,760
Bitcoin’s hashrate remains high and at the time of writing the network’s processing power is around 189.56 EH/s or 189,564,917,409,516,800,000 hashes per second (H/s). The hashrate has hovered between 180 and 220 PE/s for the past seven days after a small dip in hash power that took place five days ago.
At that time, estimates expected the mining difficulty to increase by 1.18% to 27.64 trillion. However, on March 3, 2022, the difficulty change to block height 725,760 went down for the first time in months. In fact, the last decrease in mining difficulty the network saw was recorded 96 days ago, on November 28, 2021. Thursday’s decrease was a drop of 1.49%, bringing the difficulty down to 27.55. trillion.
While this doesn’t change much, it does make it 1.49% less difficult for a bitcoin miner to find a BTC block grant often referred to as a block reward. Prior to the downgrade, the network saw a total of six consecutive increases in mining difficulty, which made it much harder for mining participants to find block rewards.
The 1.49% difficulty drop on March 3 is helpful, but at the same time, 24-hour stats show that at the time of writing, BTC’s value has lost 3.8% against the US dollar. The current fiat value of Bitcoin (BTC) drives down the profits of Bitmain’s Antminer S19 Pro (110 TH/s), Microbt’s Whatsminer M30S++ (112 TH/s), and Canaan’s Avalonminer 1246 (90 TH/s) ) compared to last week.
The aforementioned mining rigs get $8.24 to $12.75 per day, using current BTC prices and paying $0.12 per kilowatt hour (kWh) for electricity. Mining rigs like Innosilicon’s T2 Turbo+ (32 TH/s) mining rig, Bitmain’s Antminer S11 (20.5 TH/s) are not generating profits today, with current and paying BTC prices $0.12 per kWh.
For the past three days, Foundry USA has been the top mining pool in the world with 18.41% of the global hashrate and around 36.49 PE/s of processing power. American mining Foundry USA has been one of the top miners for weeks this year, and the pool has earned 79 block rewards in the last 72 hours.
The second largest mining pool over the three-day period is Bitmain’s Antpool with 15.62% of the global hashrate. Antpool found 67 blocks in 72 hours with a processing power of 30.95 PE/s. There are around 11 known BTC mining pools today, while the unknown hashrate commands 1.64% of the global BTC hash power, with around 3.24 EH/s of SHA256 processing power.
What do you think of the 1.49% drop in Bitcoin mining difficulty? Let us know what you think about this topic in the comments section below.
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