4 successive difficulty reductions make it 49% easier for miners to mine Bitcoin

After the biggest drop in mining troubles in Bitcoin’s history, there will be another drop this weekend, but less than 6%. Statistics show that Bitcoin’s hashrate has been higher since the difficulty decreased 2 weeks ago and has increased to over 100 exahashes per second (EH / s) this week. Bitcoin’s decline in mining difficulty this weekend will be the only time in history that the difficulty has fallen four times in a row. In 2018 the level of difficulty fell three times in a row.

The successive difficulty levels of 2021 come astonishingly close to the record of 2011

After China cracked down on Bitcoin miners in late June, a large amount of hash power was temporarily shut down. Statistics show that the hashrate was 66 EH / s on June 28th and has risen over 100 EH / s since then.

There are currently 18 mining pools contributing hashrate to the Bitcoin blockchain and 4.71% of the global hashrate (24 hour stats) or 4.79 EH / s belongs to small, unknown miners.

Bitcoin hashrate and mining difficulty

Two weeks ago, the Bitcoin network experienced its greatest difficulty ever, and another decline in difficulty is expected later this week. Using today’s average hashrate, the drop would be less than 6%, increasing the current difficulty level from 14.36 trillion to 13.5 trillion.

This means that after the reduction, the mining difficulty will decrease four times in a row. The last time the BTC mining difficulty decreased more than 4 times in a row was in 2011. From August to November 2011, the mining difficulty decreased 8 times in a row.

In 2018 there were 3 consecutive difficulty decreases, 5 mining pools currently hold 59% of Bitcoin’s hashrate

Another time BTC’s mining difficulties approached a record four times in a row was in 2018 due to the successive decline in difficulty between November and December.

From August to the end of November 2011 there were 8 successive reductions in difficulty.

The most recent difficulty decreases removed 49.21% of the difficulty, slightly less than the 51.54% decrease in 2011. At that time, the difficulty peaked at 1.89 million in August and 1.09 million by November at block height 155,232 .

At the time of writing, the top mining pools on Friday afternoon were Viabtc, Antpool, Poolin, F2pool, and Btc.com. These pools are followed by Binance, Foundry, and Slushpool, but the top 5 active pools account for 59.4% of the global hashrate.

Binance, Foundry and Slushpool represented 21.9% of the BTC hash power on Friday afternoon. Thus there are 10 identified pools and 4.79 EH / s of unknown pools, which corresponds to 18.7% of the global hashrate.

Minh Anh

According to News Bitcoin

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