Bitcoin network mining difficulty experiences greatest decline since 2011

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Bitcoin’s mining difficulty saw the second largest drop in history on Tuesday, as the difficulty fell to 16.78 trillion, losing just over 16% from the highest difficulty level on Tuesday. last week. The last time bitcoin’s mining difficulty fell this low was in October 2011, when it dropped around 18%. Since the big difficulty drop took place, the overall SHA256 hashrate has increased significantly after dropping 40% in the last week of October.

Bitcoin (BTC) experienced a significant drop in mining difficulty on Tuesday when it slipped from -16.05% to 16.78 t. News.Bitcoin.com reported last week how the network’s SHA256 hashrate plunged from around 40% to around 90 exahash per second.

The Bitcoin network's mining difficulty has seen the biggest drop since 2011

Following Tuesday’s drop in difficulty, BTCIts hashrate increased significantly, reaching 114 EH / s on November 3, after reaching 97 EH / s in the early hours of Tuesday morning. BTCThe hash rate of stands just above the handful of 100 EH / s to 107 EH / s at the time of publication.

Mining difficulty is basically the relative measure of the amount of resources needed to find blocks of bitcoin on any given day. This gives people an idea of ​​how difficult it is to mine a new block. Bitcoin’s difficulty changes using 2,016 block epochs or two-week intervals.

The Bitcoin network's mining difficulty experiences the largest period decline since 2011

When the hashrate is extremely high, the difficulty will become more difficult during the change and if the estimated total hashrate decreases, it becomes easier to mine bitcoin. With the hashrate at current speeds today, estimates show another -16% drop on the horizon.

Btc.com data on Tuesday indicates the next change is more than 14 days away and estimates show it could drop to 14.05t, losing -16.3% if it materializes. Today, November 3, there are 16 mining operations dedicated to Bitcoin hashrate (BTC) network.

F2pool leads the pool with around 18.7% of the network with more than 20 pe / s under the hood. Next come operations like Poolin (15.5 PE / s), Btc.com (12.4 PE / s). Huobi (12.4 EH / s) and Antpool (11.7 EH / s). With 107 pe / s dedicated to BTC chain, the five aforementioned pools combined capture 67.28% of the overall hashrate.

At the time of going to press, the mempool shoe has lost a hair after the backlog saw more than 100,000 unconfirmed transactions over the past week and over the weekend. However, data shows that the mempool still has around 73k unconfirmed transactions Tuesday.

What do you think of Bitcoin’s recent difficulty drop? Let us know what you think in the comments section below.

Tags in this story

107 pe / s, 16.78t, 16% drop, Antpool, difficulty BTC, BTC.com, difficulty, Exahash, F2Pool, Hashpower, Hashrate, Huobi Pool, Mempool, Operations mining, Mining Pools, network difficulty, Hashrate global, Poolin, SHA256 Hashrate, Unconfirmed transactions

Image credits: Shutterstock, Pixabay, Wiki Commons, Coinwarz.com,

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