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On December 5, 2022, at block height 766,080, Bitcoin’s mining difficulty adjustment dropped 7.32% lower, making it the largest difficulty reduction of 2022. The current difficulty is about 34.24 trillion and it will remain at this point for the next two the weeks or 2,016 blocks.
Bitcoin’s difficulty retarget has dropped, making it slightly easier for bitcoin miners to find a block than it was in the previous two weeks. The difficulty change occurred around 20:50:29 (ET), at block height 766,080, and it was the largest reduction this year. The difficulty reduction was greater than the previous record set at block height 745,920. At that time on July 21, 2022, the network difficulty dropped by 5.01% and the difficulty was around 27.69 trillion.
Before the 7.32% reduction down to 34.24 trillion, the lifetime difficulty of the network was 36.95 trillion. Satoshi created the difficulty to change periodically or every 2016 blocks so that the average time to mine a block remains constant at around 10 minutes. Statistics show that before block height 766,080, the average block time was around 10:48 minutes, which meant that a significant difficulty reduction was predicted to happen before the change.
At the time of writing, at 9:00 PM (ET), the total hashrate associated with the Bitcoin network is around 271.33 exahash per second (EH/s). Foundry USA is the top bitcoin mining pool at the time of writing with 25.48% of the network or 64.47 EH/s. Foundry discovered 107 blocks out of 420 discovered in the last three days. Foundry is followed by the mining pools Antpool, F2pool, Binance Pool and Viabtc.
What do you think about the difficulty of falling 7.32% lower? Let us know what you think about this topic in the comments section below.
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