The difficulty of the Bitcoin network drops to 27.693T as the hash rate recovers.

The reduced difficulty allows Bitcoin miners to verify transactions using fewer resources, allowing smaller miners to compete for mining rewards.

 

Bitcoin (BTC) block mining difficulty fell another 5% to 27.693 trillion as the network's difficulty continued a three-month downward trend since reaching a peak of 31.251 trillion in May 2022.

 

Network difficulty is a tool developed by Bitcoin creator Satoshi Nakamoto to ensure the legitimacy of all transactions using raw computing power. The reduced difficulty allows Bitcoin miners to verify transactions using fewer resources, allowing smaller miners to compete for mining rewards.

Despite the minor setback, a zoom out of blockchain.com's data shows that Bitcoin continues to serve as the most resilient and immutable blockchain network. Although the difficulty adjustment is directly proportional to the hashing power of the miners, the total hash rate (TH/s) recovered by 3.2% with similar timelines.

At its peak, the Bitcoin 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 – fueling momentary concerns about widespread electricity consumption.

 Ever since China banned all crypto trading and mining operations in June 2021

 The US has been slow to become the largest contributor to the global Bitcoin hash rate. Nonetheless, Chinese diggers continued tasks in September 2021. According to Statista data, the US represents 37.84% of the global hash rate, followed by China at 21.11% and Kazakhstan at 13.22%.

 That being said, miners see falling GPU prices as a means to offset their operational costs amid the ongoing bear market.

Allaying concerns about excessive electricity consumption, a report released by the Bitcoin Mining Council revealed that nearly 60% of the electricity used for BTC mining comes from sustainable sources.

 The study also found that BTC mining accounts for only 0.09 percent of the 34.8 billion metric tons of carbon emissions estimated to be produced globally and uses only 0.15 percent of the global energy supply.