The difficulty in mining a lock of Bitcoin (BTC) was further reduced by 5% to 27.693 trillion, as the difficulty of the network maintains its three-month downward streak since it reached an all-time high of 31.251 trillion in May 2022.
The difficulty of the network is a means devised by the creator of Bitcoin, Satoshi Nakamoto, to ensure the legitimacy of all transactions using raw computing power. The reduced difficulty allows Bitcoin miners to confirm transactions using lower resources, allowing smaller miners a fighting chance to earn the mining rewards.
Despite the small setback, moving away from blockchain.coms data reveals that Bitcoin continues to operate as the most resilient and immutable blockchain network. While the difficulty setting is directly proportional to the hash power of the miners, the total hash rate (TH/s) was recovered by 3.2% over similar timelines, as shown below.
At its peak, Bitcoin's hash rate reached an all-time high of 231,428 exahash per second (EH/s) when BTC prices fell to $25,000 last month in June, raising momentary concerns about extensive energy use.
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