Because of the decreased difficulty, Bitcoin miners may confirm transactions with fewer resources, giving smaller miners a chance to compete for mining rewards.
Zooming out on the data from blockchain.com demonstrates that Bitcoin is still the most durable and unchangeable blockchain network, despite the little setback.
The overall hash rate (TH/s) regained 3.2 percent over the same periods, as seen below, even though the difficulty adjustment is precisely proportionate to the hashing power of miners.
When BTC prices dropped to $25,000 last month in June, the Bitcoin hash rate spiked to an all-time high of 231.428 exahashes per second (EH/s), briefly sparking concerns about heavy power use.
China’s Loss Is US’s Gain?
Since China outlawed all cryptocurrency trade and mining in June 2021, the United States has taken over as the country that contributes the most to the global Bitcoin hash rate. Chinese miners did, however, start up again in September 2021.
The US accounts for 37.84 percent of the worldwide hash rate, followed by China at 21.11 percent and Kazakhstan at 13.22 percent, according to Statista data.
The sharp decline in GPU costs had created a limited window of opportunity for casual miners to buy a piece of more capable and productive mining hardware.
However, given the continued bad market, miners view declining GPU prices as a way to reduce their operating expenses.
According to a report published by the Bitcoin Mining Council, approximately 60% of the electricity utilized for BTC mining originates from sustainable sources, allaying worries about excessive power consumption.
The study also discovered that BTC mining used only 0.15 percent of the world’s total energy supply and contributed only 0.09 percent of the 34.8 billion metric tons of carbon emissions anticipated to be produced globally.
Bitcoin Techincal Analysis
Recently Bitcoin has shown a breakout of its price from the 1-month range.
Recently Bitcoin broke above the range of $ 22,500. And reached the highs of $ 24,200. Now it has retraced back to the level of $ 22,500. If it keeps the support level at $ 22,500, we can see a bounce above $ 24,200 soon.