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Bitcoin miners get a break when the mining difficulty drops for the first time in three months

After the network's difficulty shifting downward for the first-time since November 28, 2021, Bitcoin miners received a slight break on March 3. 

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Bitcoin miners get a break when the mining difficulty drops for the first time in three months

While Bitcoin's hashrate has been stable at 180 to 220 exahash per minute (EH/s), the price of the most popular crypto asset has dropped more than 3% in the past 24 hours.

Bitcoin difficulty drops to 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). After a slight drop in hashpower five days ago, the hashrate has been cruising at 180 to 220 EH/s for seven days.

Estimates at the time predicted that the mining difficulty would rise by 1.18% to 27.64 Trillion. The difficulty change at block height 725.760 on March 3, 2022 was actually lower than expected. The network's last mining difficulty decrease was actually recorded 96 days back on November 28, 2021. Thursday's decrease was a 1.49 percent change smaller, bringing the difficulty to 27.55 trillion.

Although it isn't a significant change, it makes it 1.49% easier for bitcoin miners to find a Bitcoin block subvention often called a block reward. The network had previously experienced six consecutive increases in mining difficulty, making it difficult for miners to find block rewards.

While the March 3 difficulty drop of 1.49% is encouraging, 24-hour statistics indicate that BTC has lost 3.8% to the U.S. dollar. Bitcoin's current fiat value means Bitmain's Antminer Pro (110 TH/s), Microbt’s Whatsminer B30S++ (112 T/s), Canaan’s Avalonminer 1246 (90% TH/s), and Canaan’s Avalonminer 1346 (90 T/s) profits are lower than last week.

These mining rigs receive $8.24 to $12.55 per day. They use current Bitcoin prices and pay $0.12 per kilowatt hour (kWh) for electricity. Bitmain's Antminer 11 (20.5 TH/s), and Innosilicon T2 Turbo+ (32.TH/s) aren't making a profit at the moment, with current Bitcoin prices. They also pay $0.12 per kWh.

Foundry USA is the top global mining pool with 18.41% of global hashrate and approximately 36.49 EH/s processing power. Foundry USA, a U.S. mining company, has been a top-miner for weeks this year and has received 79 block rewards in the last 72 hours.

Bitmain's Antpool, which has 15.62% global hashrate, is the second-largest pool of mining pools over the three-day period. Antpool found 67 blocks within 72 hours, leveraging 30.95 EH/s processing power. There are currently 11 Bitcoin mining pools, and unknown hashrate commands 1.64% world's BTC hashpower. This is a combination of 3.24 EH/s SHA256 processing power, and approximately 11 known Bitcoin mining pool.


 

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