The first difficulty setting was made after block halving (halving) in Bitcoin. Accordingly, the mining challenge fell 6 percent and fell to 15.14 trillion.
The first difficulty adjustment was made after the block prize halving on May 11 in Bitcoin. Difficulty adjustment is made approximately every two weeks according to the changes in the hash rate , so that blocks are found every 10 minutes based on the increase and decrease of the computing power in the Bitcoin network. As it is known, if the hash rate remains high and the difficulty is low, block times are shortened, otherwise it is valid. In this way, participation in mining is also encouraged.
Equivalent to about 1.5 million older generation mining devices since Halving, a power of 20 exshash per second left the Bitcoin network. Bitcoin’s average 7-day hash rate fell from 122 exsaha to 20 percent as of today, halving on halving day.
On the other hand, with the adjustment made today, the difficulty dropped 6 percent to 15.14 trillion. In addition, the difficulty fell for the first time since March.
Those with a low margin pulled chips
As the halfway is approaching, it is stated that miners in China commissioned even the older generation miners to earn more money while the rewards are high, so the hash rate is breaking records. Miners, whose profit margin was low, had to pull chips.
Transaction fee revenues increased
Although the halfway reduced the 12.5 BTC reward miners received per block to 6.25 BTC, revenues from transaction fees increased. Miners earn a certain amount from BTC transfers as well as block rewards. Daily revenue from transaction fees jumped from 30 BTC to 160 BTC in late April. Currently, about 17 percent of the miners’ daily income account for transaction fees.