Bitcoin Mining Difficulty Drops By 4.34%

BTC mining difficulty is now 29.85 trillion from the previous 29.85 trillion. The amount represents a 4.34% drop in the asset’s mining difficulty. The drop rate of the BTC difficulty adjustment algorithm represents the asset’s second-largest in a little less than 12 months.

The Relevance Of The DAA Drop

Last July, the DAA drop rate was 4.81% compared to the current 4.34% rate. The DAA change happened on block height 737,856 on May 25. In recent times, BTC’s value against the USD has dropped. Hence, reducing the DAA will enable miners to recover some of their losses.

With the new DAA, miners can find BTC block rewards easily. Recent stats show that miners using the Bitmain Antminer S19 pro+ hyd can earn up to $9.24 worth of BTC profits every day. This Bitmain Antminer has a hashpower of 198 TH/s.

Before this month, BTC global hashrate has been constant, staying over 200 EH/s. However, at the beginning of this month, this hashrate set a new peak record of 275 EH/s on the 734,577 block height. The date for the next DAA change is June 8, 2022. However, miners would need to have found 1,864 BTC blocks.

Also, there are only 101,992 blocks available before the next reward halving occurs. However, there would be about 51 successive DAA changes every 14 days before that happens.

Mining Rigs And BTC Mining Difficulty

Based on the current BTC mining difficulty, it would cost $0.12 per kWh to mine 1 BTC. Hence, mining rigs that can’t provide more than 30 TH/s can’t be profitable. The only way such miners would profit is if they pay less than $0.12 kWh per kWh.

For instance, the Innosilicon T3+ mining rig would only be profitable where electricity costs $0.12 kWh. It makes miners about $0.21 worth of BTC profits daily. According to the latest mining pool data, only 12 legal mining pools contribute SHA256 hashpower to the BTC chain.

Multiple reports suggest that illegal miners operate nearly 1.44% of the world’s BTC hashrate or about 3.04 EH/s hashpower. Also, foundry USA remains the top BTC mining pool in the last three days based on the hashrate worldwide, and the number of blocks found.

Recent Industry Hashrate Analysis

Per various analytics, Foundry’s hashrate is 51.10 EH/s. The amount is 24.28% of BTC hashrate globally. Within the last 72 hours, Foundry found 101 BTC blocks out of a possible 416 blocks.

Bitmain’s Antpool miner only found 61 BTC blocks within the same period. Hence, Foundry is the largest pool based on computational power, with Bitmain coming a distant second. Also, Antpool’s hashrate of 30.86 EH/s represents 14.66% of the BTC global hashrate.

Industry analysts predict that the BTC mining rate will likely reduce more by at least 0.16% at the next DAA change. The BTC mining industry is no shortage of suitors. Multiple reports confirm that some leading oil and gas firms are trying to explore the BTC mining space.

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