Bitcoin Blocks Will Soon Be 27% Easier To Find – Miners Prepare For The Biggest Difficulty Drop In BTC’s Lifespan – Mining Bitcoin News
Bitcoin, the leading crypto asset in terms of market capitalization, has seen a significant drop in the cryptocurrency’s network hash rate over the past two weeks. On Saturday July 3rd, the network’s mining difficulty will see the greatest epoch decline in history as the difficulty will drop by more than 27%.
Bitcoin difficulty is expected to decrease by more than 27%
This weekend, Bitcoin (BTC) will experience the greatest drop in difficulty ever recorded in the life of the crypto-asset. At the time of writing, BTC’s mining difficulty is 19.93 trillion and is expected to decrease by 27.04% by Saturday morning (EDT). In Bitcoin mining, the difficulty of the network is the parameter that keeps the average time between BTC blocks constant.
The difficulty parameter is the metric that shows how difficult it is to mine a Bitcoin block, and the higher the difficulty, the more hash power it takes to find a block.
When the mining difficulty on the network is less, it will be much easier for Bitcoin miners to find blocks. A difficulty that increases with the hashrate means that an attacker would have to expend enormous resources in order to break through the system.
Bitcoin’s impending difficulty change comes at a time when Chinese miners have been told to operate elsewhere and much of the hashpower went offline last Monday. During the last BTC difficulty change at block height 687,456 on June 13, 2021, the global hashrate was around 142.68 exahash per second (EH / s).
Since the block height of 687,456, BTC’s hashrate has dropped 39% to 86.5 EH / s. Bitcoin’s network difficulty fell twice ahead of the 27% decline expected on Saturday.
November 2020 and October 2011 precede Bitcoin’s biggest difficulty slide in history
The biggest drop in difficulty so far in BTC’s lifetime took place on October 30, 2011, the day before Halloween.
At that time, the difficulty slipped 18.03%, at a BTC block height of 151,200, when the global hashrate was a meager 8.61 terahash per second (TH / s). In a sense, today a single next-generation bitcoin miner made by Microbt or Bitmain has hash power of around 100 TH / s.
Interestingly, BTC didn’t see a huge drop like it did in 2011 until the block height 655,200 was recorded on November 3, 2020. At this time last year, the mining difficulty slipped 16.05% and the hashrate was around 120.12 EH / s.
Usually, BTC’s difficulty increases more than it has slipped down over the course of its lifetime. With a Bitcoin block height of 685,440, BTC’s mining difficulty dropped 15.97% on May 29 when the hashrate was around 150 EH / s.
Block times are expected to be smooth, hashrates are expected to increase
With today’s hashrate of 86.5 EH / s and the current difficulty level of 19.93 trillion, the block times were on average longer than ten minutes. After changing the Bitcoin difficulty level on Saturday, the time between blocks should move back to closer to ten minutes on average.
BTC’s hashrate has risen sharply since June 29th as the 30-day hashrate statistic shows that the network’s hash power was only 66 EH / s that day. Not only will the difficulty change on Saturday be a milestone, but it will also make it a lot easier for miners to keep adding more resources.
What do you think of the change in mining difficulty that will take place on Saturday? Let us know what you think on this matter in the comments below.
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