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Bitcoin mining difficulty drops for the first time in two months…Details here

Bitcoin mining difficulty drops for the first time in two months…Details here

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Answer Bitcoin mining difficulty drops for the first time in two months…Details here

Data shows that the difficulty of Bitcoin mining has fallen to 31.36 trillion hashtag at a block height of 756,000.

Despite the decrease in the difficulty of bitcoin mining, the bitcoin ecosystem remains more secure.

According for data BTC.com, the Bitcoin mining difficulty adjustment rate fell by about 2.3% on September 28.

The latest drop comes two weeks after Bitcoin’s mining difficulty rate hit an all-time high of 32.04 trillion hash after four consecutive increases.

The price of the cryptocurrency managed to climb above $20,000 yesterday, which followed a mass profit-taking session where a certain portion of traders empty their bags.

The move and jump were short-lived as Bitcoin lost about 6% and is currently struggling below the psychological support level ($20K).

Read:Beware… Scammers imitate Ripple CEO to entrap investors

Currently, the Bitcoin mining activity appears to be booming, with the ongoing competition between the two miners.

Bitcoin’s hash rate remained at 220.75 EH/s near its peak of 231 EH/s despite concerns about profitability.

The high hash rate also comes amid a growing focus on bitcoin’s carbon footprint.

The criticism of bitcoin’s energy consumption has prompted renewed efforts to regulate this asset class.

Existing miners are increasingly turning to renewable sources to stay in good standing with regulators.

According to a new study published by the Cambridge Center for Alternative Finance (CCAF), fossil fuels account for nearly two-thirds of the total electricity mix used in bitcoin mining (62.4%), while sustainable energy sources are 37.6% (of which 26.3%) are renewables and 11.3 % nuclear.

In addition, renewables in Bitcoin mining decreased by about 30% in 2021 from more than 40% in 2020, which increased greenhouse gas emissions by a whopping 63% which is of course not in favor of the Bitcoin mining activity.

Read:Ripple is looking into converting the XRP cryptocurrency into a privacy currency

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After successfully acquiring Voyager…FTX turns its sights on Celsius’ assets

Bitcoin starts to recover and approaches the $20,000 level again


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