Bitcoin’s difficulty saw its second-largest drop in history on Tuesday, as the difficulty level dropped to 16.78 trillion, a loss of more than 16% since last week’s highest difficulty. The last time bitcoin’s difficulty dropped so low was in October 2011, when it lost about 18%. Since the major drop in difficulty happened, the overall SHA256 hashrate has increased significantly after a 40% loss in the last week of October.
The Bitcoin (BTC) network saw a significant drop in mining troubles on Tuesday as it slid to -16.05% 16.78t. News.Bitcoin.com reported last week on how the network’s SHA256 hashrate dropped by about 40% to about 90 exahash per second.
After Tuesday’s difficulty, BTCThe hashrate has increased significantly, peaking to 114 EH / s on Nov. 3, after 97 EH / s during the earliest hours on Tuesday morning. BTCThe hashrate hovers just above the 100 EH / s handle at 107 EH / s at the time of publication.
Mining difficulty is essentially the relative measurement of the amount of resources it takes to find bitcoin blocks on a given day. It gives people an idea of how difficult it is to mine a new block. Bitcoin’s difficulty changes using 2016 block eras or two-week intervals.
If the hashrate is extremely high, the difficulty will become more difficult during the change and if the total estimated hashrate drops, it will be easier to mine bitcoin. With the hashrate at current rates today, estimates show another -16% drop on the horizon.
Data from Btc.com on Tuesday indicates the next change is more than 14 days away, and estimates show it could drop to 14.05 tons, with a -16.3% loss if realized. Today, on November 3, there are 16 mining operations that hashrate to the Bitcoin (BTC) network.
F2pool leads the pool of pools with about 18.7% of the network with more than 20 EH / s under the hood. This is followed by operations such as Poolin (15.5 EH / s), Btc.com (12.4 EH / s). Huobi (12.4 EH / s) and Antpool (11.7 EH / s). With 107 EH / s dedicated to the BTC chain, the five pools mentioned above collect 67.28% of the total hashrate.
At the time of going to press, the mempool clog has dropped a hair after the backlog saw more than 100,000 unconfirmed transactions over the course of last week and over the weekend. However, data shows that the mempool still exists 73,000 unconfirmed transactions on Tuesday.
What do you think of Bitcoin’s recent drop in difficulty? Let us know what you think in the comments section below.
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