Following BTC's Price Drop, Bitcoin Miners Benefit From a 2.35% Difficulty Reduction – Mining Bitcoin News

During the past week, Bitcoin’s hashrate has dropped a few percentages after reaching 288 exahash per second on June 8, 2022. Bitcoin miners, however, got a break on Wednesday, June 22, as the mining difficulty dropped by 2.35% making it easier for miners to find blocks. The 2.35% drop brings the difficulty down to the 29.50 trillion range for the next two weeks.On Wednesday, June 22, at block height 741,888, Bitcoin’s mining difficulty decreased 2.35% lower than two weeks ago.

Essentially, Bitcoin’s difficulty adjustment algorithm shifts every 2016 blocks and the changes are based on the amount of time it took to find the previous 2016 block subsidies. The difficulty is meant to keep block times consistent at roughly 10 minutes in between eachThe last difficulty change at block height 739,872, two weeks ago, increased by 1.29%.

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