The mining difficulty level of the Bitcoin network had been increasing for the last four times, but it finally recorded a decline in 68 days.
On Tuesday, the Bitcoin network’s mining difficulty recorded a fall of 2.14% when the block height stood at 756,000.
This change means that it has become 2.14% easier for people to mine a bitcoin block reward, after the difficulty had reached its all-time high (ATH) back on September 13th.
Miners catch a break
On Tuesday evening, the bitcoin network’s mining difficult slid for the first time in about 68 days by 2.14%, which means that miners can finally catch a break.
Two weeks ago on Tuesday, September 13th, Bitcoin’s mining difficulty had reached an all-time high at 32.04 trillion, but it has now come down to 31.36 trillion.
As the difficulty level is adjusted after the mining of 2,016 blocks, there will not be any changes to the difficulty level for the next two weeks.
The hashrate of the network is currently around 234 exahash per second (EH/s), but statistics indicate that the hashrate was around 225.3 EH/s during the last 2,016 blocks.
Current metrics indicate that keeping the current electrical costs at about $0.07 for every kilowatt hour (kWh) and keeping the current price of BTC in mind, an estimated profit of around $0.12 to $7.95 per day can be made with almost 41 SHA256 application-specific integration circuit (ASIC) bitcoin miners.
The estimated profit that can be generated with nine ASIC bitcoin miners at $0.12 per kWh is between $0.33 and $4.24 per day.
Today, the most profitable ASIC mining machines that can be found are the Bitmain Antminer S19 XP which offers 140 terahash per second (TH/s), the Bitmain Antminer S19 Pro with 110 TH/s, the Microbt Whatsminer M50 with 114 TH/s, the Microbt Whatsminer M50S with 126 TH/s and the Antminer S19 Pro+ Hyd with 198 TH/s.
Bitcoin miners were able to mine a total of 423 blocks in the last three days, with 108 blocks found by Foundry USA.
It has emerged as the top miner in the last three days as its contribution to the global hashrate was 25.53%, or 56.53 EH/s.
The second position goes to Antpool, the third spot belongs to F2pool, the fourth to Binance Pool and the last pool to Viabtc.
Currently, there are a total of 11 mining pools that are dedicated to bitcoin mining and they contribute about 98.11% to the global hashrate.
1.89% is contributed by unknown miners, which is around 4.19 ETH/s that was used for discovering eight of the total blocks that were mined in the last 423 days.
In addition, it should be noted that keeping the current block time speeds in mind, the next change in the difficulty level is expected to be an increase of about 1.32%.
However, there are still 1,957 blocks left to mine and this means that a lot of things can change during this time.