Network Difficulty is a means devised by the creators of Bitcoin Satoshi Nakamoto To use raw computing power to ensure the legitimacy of all transactions. The reduced difficulty allows Bitcoin miners to use less resources to verify transactions, giving smaller miners a chance to fight for mining rewards.
Zoom out of blockchain.com despite a minor setback data It reveals that Bitcoin continues to function as the most resilient and immutable blockchain network. The difficulty adjustment is directly proportional to the miner’s hashing ability, but the total hash rate (TH / s) has recovered 3.2% on a similar timeline, as shown below.
At its peak, Bitcoin’s hash rate reached a record high of 231.428 exahash per second (EH / s) when the BTC price fell to $ 25,000 last June, a temporary concern over widespread electricity usage. Caused.
Since China banned all crypto trading and mining operations in June 2021, the United States has regained slack by becoming the largest contributor to the world’s Bitcoin hash rate. However, Chinese miners resumed operations in September 2021. According to Statista dataThe United States accounts for 37.84% of the world’s hash rate, followed by China at 21.11% and Kazakhstan at 13.22%.
Previously, Cointelegraph had a sharp drop in GPU prices Opportunity for short miners To procure more powerful and efficient mining equipment. That said, miners see the fall in GPU prices as a way to offset operating costs in the ongoing bear market.
Relieving concerns related to exorbitant electricity use, a report released by the Bitcoin Mining Council revealed that nearly 60% of the electricity used for BTC mining comes from sustainable sources. ..
In the second quarter of 2022, #Bitcoin Mining efficiency surged 46% year-on-year, and the sustainable electricity mix reached 59.5%, surpassing 50% for the fifth straight quarter. The network was 137% safer year-on-year and used 63% more energy. It’s hard to find a cleaner and more efficient industry.https://t.co/gqYn8qew9R
— Michael Saylor ⚡️ (@saylor) July 19, 2022
The study also found that BTC mining accounts for only 0.09% of 34.8 billion metric tons of carbon emissions, which are produced worldwide and are estimated to consume only 0.15% of the world’s energy supply.