Bitcoin’s network has been putting miners through the wringer lately, with five straight difficulty increases that had them on edge. However, on May 4, 2023, at block height 788,256, the network difficulty level took a dip, dropping by 1.45% and bringing the overall difficulty down to 48.01 trillion for the next two weeks.
Bitcoin’s difficulty level finally dropped on May 4, 2023, after increasing five times since the February 24 increase of 9.95%. The five difficulty increases combined equated to a 22.62% increase, and the latest drop brings it down 1.45% lower. The change occurred at Bitcoin block height 788,256. At the time of writing, the network’s hashrate is 355.90 exahash per second (EH/s).
![Bitcoin Miners Breathe a Sigh of Relief as Difficulty Drops 1.45% After Five Consecutive Increases]( "Bitcoin Miners Breathe a Sigh of Relief as Difficulty Drops 1.45% After Five Consecutive Increases")
Just two days ago, the Bitcoin network hit a major milestone as its hashrate soared to an all-time high of 491 EH/s at block height 787,895. But with the next difficulty adjustment just around the corner on May 18, 2023, and less than 2,000 blocks away, miners are bracing themselves for what’s to come. While the recent downward difficulty drop has given them some much-needed relief, current block times are still hovering above the ten-minute average. In fact, the last block interval was a lengthy ten minutes and 49 seconds.
In addition, the Bitcoin network is currently grappling with a mempool with over 200,000 unconfirmed transactions waiting to be processed by miners. To expedite the process, users are shelling out a high-priority fee of $5.05 per transaction, while a medium-priority transfer will set them back $4.61. As for the top mining pools on May 4, Foundry USA takes the cake with 96.62 EH/s of hashpower, accounting for 27.17% of Bitcoin’s total hashrate. Trailing behind are Antpool (80.38 EH/s), F2pool (48.72 EH/s), Binance Pool (38.16 EH/s), and Viabtc (27.61 EH/s).
What do you think the future holds for Bitcoin’s difficulty level? Will it continue to rise steadily, or can we expect more dips in the coming months? Share your thoughts in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals
A bitcoin ATM operator has been indicted in New York for running an illegal business "marketed towards individuals engaged in criminal activity." The district attorney in charge described: "Robert Taylor allegedly went to great lengths to keep his bitcoin kiosk ... read more.
Bitcoin’s network has been putting miners through the wringer lately, with five straight difficulty increases that had them on edge. However, on May 4, 2023, at block height 788,256, the network difficulty level took a dip, dropping by 1.45% and bringing the overall difficulty down to 48.01 trillion for the next two weeks.
Bitcoin’s difficulty level finally dropped on May 4, 2023, after increasing five times since the February 24 increase of 9.95%. The five difficulty increases combined equated to a 22.62% increase, and the latest drop brings it down 1.45% lower. The change occurred at Bitcoin block height 788,256. At the time of writing, the network’s hashrate is 355.90 exahash per second (EH/s).
![Bitcoin Miners Breathe a Sigh of Relief as Difficulty Drops 1.45% After Five Consecutive Increases]( "Bitcoin Miners Breathe a Sigh of Relief as Difficulty Drops 1.45% After Five Consecutive Increases")
Just two days ago, the Bitcoin network hit a major milestone as its hashrate soared to an all-time high of 491 EH/s at block height 787,895. But with the next difficulty adjustment just around the corner on May 18, 2023, and less than 2,000 blocks away, miners are bracing themselves for what’s to come. While the recent downward difficulty drop has given them some much-needed relief, current block times are still hovering above the ten-minute average. In fact, the last block interval was a lengthy ten minutes and 49 seconds.
In addition, the Bitcoin network is currently grappling with a mempool with over 200,000 unconfirmed transactions waiting to be processed by miners. To expedite the process, users are shelling out a high-priority fee of $5.05 per transaction, while a medium-priority transfer will set them back $4.61. As for the top mining pools on May 4, Foundry USA takes the cake with 96.62 EH/s of hashpower, accounting for 27.17% of Bitcoin’s total hashrate. Trailing behind are Antpool (80.38 EH/s), F2pool (48.72 EH/s), Binance Pool (38.16 EH/s), and Viabtc (27.61 EH/s).
What do you think the future holds for Bitcoin’s difficulty level? Will it continue to rise steadily, or can we expect more dips in the coming months? Share your thoughts in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
In the wake of Florida Governor Ron DeSantis’ remarks in Jacksonville on Tuesday, both the Florida House of Representatives and Senate have approved the state’s anti-central bank digital currency (CBDC) legislation, dubbed SB 7054. The bill explicitly states that should the U.S. central bank, a federal agency, or a foreign government issue a CBDC, its use as a “digital medium of exchange” will be strictly forbidden in Florida.
On Wednesday, the Florida House of Representatives endorsed the anti-CBDC bill SB 7054 with an overwhelming 116-1 vote. This backing comes on the heels of the Florida Senate’s approval last week, which saw a 34-5 majority. Governor DeSantis has been vocal in his criticism of CBDC initiatives and asserting Florida’s refusal to accept “woke politics.” Unsurprisingly, he is eager to sign the bill, having initially requested its drafting in March.
Upon DeSantis’ signature, SB 7054 provisions will come into effect on July 1, 2023. The bill offers a comprehensive definition of CBDCs and outlines its primary objective: “to safeguard Floridians by banning central bank digital currencies.” The author of the legislation confirms that these regulations would have no bearing on state and local revenue or any indeterminate impact on Florida’s private sector.
Florida’s Chief Financial Officer Jimmy Patronis has championed the bill and maintained that the Biden administration’s priorities will not find fertile ground in the Sunshine State. He argued on Wednesday that “The last thing our country needs is a federally controlled centralized bank digital currency (CBDC) weaponized by the Biden administration,” adding that it would merely enable unwarranted government surveillance of Floridians’ financial data. He emphatically declared:
Florida won’t let it stand.
Interestingly, several Democratic lawmakers in Florida also supported the anti-CBDC legislation. While opposition to CBDCs has been primarily associated with Republicans, U.S. presidential candidate Robert Kennedy Jr. has cautioned against the potential for political suppression via CBDCs. “CBDCs grease the slippery slope to financial slavery and political tyranny,” Kennedy proclaimed just last month. Florida’s Republican representative Wyman Duggan expressed pride in witnessing the bill’s passage and its subsequent arrival at Governor DeSantis’ desk.
Duggan emphasized, “With this bill, we are looking to protect the privacy of Floridians, and I am so proud that we have seen support from leadership in our State that clearly cares about the wellbeing of our citizens.”
What are your thoughts on Florida’s anti-CBDC legislation? Do you believe other states will follow suit, or is this a unique stance taken by Florida? Share your opinions in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.
In the wake of Florida Governor Ron DeSantis’ remarks in Jacksonville on Tuesday, both the Florida House of Representatives and Senate have approved the state’s anti-central bank digital currency (CBDC) legislation, dubbed SB 7054. The bill explicitly states that should the U.S. central bank, a federal agency, or a foreign government issue a CBDC, its use as a “digital medium of exchange” will be strictly forbidden in Florida.
On Wednesday, the Florida House of Representatives endorsed the anti-CBDC bill SB 7054 with an overwhelming 116-1 vote. This backing comes on the heels of the Florida Senate’s approval last week, which saw a 34-5 majority. Governor DeSantis has been vocal in his criticism of CBDC initiatives and asserting Florida’s refusal to accept “woke politics.” Unsurprisingly, he is eager to sign the bill, having initially requested its drafting in March.
Upon DeSantis’ signature, SB 7054 provisions will come into effect on July 1, 2023. The bill offers a comprehensive definition of CBDCs and outlines its primary objective: “to safeguard Floridians by banning central bank digital currencies.” The author of the legislation confirms that these regulations would have no bearing on state and local revenue or any indeterminate impact on Florida’s private sector.
Florida’s Chief Financial Officer Jimmy Patronis has championed the bill and maintained that the Biden administration’s priorities will not find fertile ground in the Sunshine State. He argued on Wednesday that “The last thing our country needs is a federally controlled centralized bank digital currency (CBDC) weaponized by the Biden administration,” adding that it would merely enable unwarranted government surveillance of Floridians’ financial data. He emphatically declared:
Florida won’t let it stand.
Interestingly, several Democratic lawmakers in Florida also supported the anti-CBDC legislation. While opposition to CBDCs has been primarily associated with Republicans, U.S. presidential candidate Robert Kennedy Jr. has cautioned against the potential for political suppression via CBDCs. “CBDCs grease the slippery slope to financial slavery and political tyranny,” Kennedy proclaimed just last month. Florida’s Republican representative Wyman Duggan expressed pride in witnessing the bill’s passage and its subsequent arrival at Governor DeSantis’ desk.
Duggan emphasized, “With this bill, we are looking to protect the privacy of Floridians, and I am so proud that we have seen support from leadership in our State that clearly cares about the wellbeing of our citizens.”
What are your thoughts on Florida’s anti-CBDC legislation? Do you believe other states will follow suit, or is this a unique stance taken by Florida? Share your opinions in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.
PRESS RELEASE. RenQ Finance announced the initiation of the final stage of its fundraising program, the eighth stage, following the seamless completion of the seventh stage.
The project has garnered an impressive $15.8 million in a relatively short span since its debut. The RENQ token presale’s last stage presents a final opportunity for investors to participate in the project before the token price surges, as the listing price will be higher.
RenQ Finance’s Presale Climbs to $15.8 Million and Counting
The crypto community has enthusiastically received RenQ Finance’s Stage 7 presale event as investors eagerly seek to participate in the platform’s growth.
The platform has already raised $15.8M in Stage 7 and now has only one stage left, Stage 8. This presale stage is crucial as it marks the second-to-last step of RenQ Finance’s 8-stage fundraising plan, which aims to raise nearly $20 million.
Investors can purchase RenQ Finance’s native token during this stage, which offers access to a range of platform services and benefits.
The RENQ token is currently priced at $0.055 USDT during the eighth stage of the presale and will increase upon listing to a price of $0.07.
Stage 8 is currently ongoing and will conclude upon reaching $19,310,000, or approximately 500,000,000 RENQ tokens sold. Once this stage is completed, the team will move on to the next step of RenQ, which is listing. The price at which RenQ can be purchased during listing will be $0.070 USDT.
RenQ’s token distribution strategy involves allocating half of its total supply of 1,000,000,000 tokens through 8 stages of presale events, and as it turns out, they will be consumed soon. The remaining 500,000,000 tokens will be strategically divided into six categories:
RenQ Finance’s ability to raise over $15.8 million indicates the company’s unwavering commitment to advancing innovative ideas and the increasing demand for decentralized solutions.
RENQ’s Hassle-Free Process to Buy the Token
To partake in the Renq presale event and buy RENQ tokens, investors are required to connect their MetaMask or Trust Wallet to the official Renq Finance website and make a purchase for the desired amount of tokens.
Once the presale period comes to a close, investors will be able to obtain and claim their RENQ tokens, which will be sent to their crypto wallets post-purchase.
It is worth noting that the presale RENQ tokens will not be subject to any vesting period or hold-up, and investors will be able to access and use their tokens immediately.
Explore the RenQ Finance Universe
RenQ Finance is a crypto platform that seeks to revolutionize the DeFi landscape through cutting-edge solutions catering to investors’ needs worldwide. At its core, RenQ Finance aims to provide traders with an all-in-one ecosystem that simplifies daily crypto activities and promotes decentralized trading.
One of the main strengths of RenQ Finance is its focus on innovation, as evidenced by the development of tailor-made tools that cater to the unique needs of cryptocurrency traders. These tools include a cryptocurrency data aggregator, perpetual futures, a vault, a lending protocol, a DeFi and NFT Launchpad, and various forums.
RenQ Finance’s vibrant community plays a critical role in contributing to these tools’ development and the platform’s overall growth.
Exciting plans are in store for RenQ Finance, with the upcoming launch of its mainnet set for Q1 of 2024. Moreover, RenQ Finance will introduce a mobile wallet app and a desktop wallet plugin, offering users a range of features, including margin loans and ERC-271 positions.
Stay Informed
To stay informed about RenQ Finance’s ongoing token presale, ensure that you connect with the company on its official website and social media channels.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.
Source From : News