Bitcoin’s High Difficulty Level on the Verge of Reduction
This article discusses the upcoming recalibration of Bitcoin’s difficulty and its potential impact on mining. Here are the key points:
- The difficulty adjustment is expected to occur on or around July 26, following a recent 6.45% rise on July 11.
- A downward adjustment of 3.9% to 4.04% is projected.
- Bitcoin’s block generation happens approximately every ten minutes, and a difficulty adjustment occurs if the process extends beyond two weeks.
- Block intervals on July 21 and 22 were longer than usual, indicating a potential decrease in difficulty.
- Foundry USA and Antpool currently command the majority of the global hashrate.
As of July 24, block times have shown slight improvements, dipping below the ten-minute average at times. However, there is still a backlog of 265,000 to 280,000 transactions waiting to be confirmed. The impending difficulty reduction is expected to help miners clear this backlog and discover new blocks more efficiently.
Hot Take
The upcoming difficulty reduction in Bitcoin mining could provide some relief for miners struggling with transaction backlogs. By making the mining process slightly easier, it may contribute to a smoother and more efficient blockchain network.
By
By
By
By
By
By