- Bitcoin mining difficulty has adjusted and it is now about 5% less stressful to mine one BTC, a trend that might fuel price reboot.
- This mining difficulty comes shortly after the last halving event.
- Current price outlook is bearish but the market dynamics might change this trend soon.
Bitcoin mining difficulty has adjusted, making it easier to mine the cryptocurrency. This development could potentially influence a price rebound.
Bitcoin Mining Difficulty Adjusts
Data from BTC.com shows there is a significant plunge in Bitcoin (BTC) mining difficulty. This new development caused the hash rate to drop by 5.63% to 83.15 trillion. The adjustment took place at a block height of 842,688, with the average hash rate coming in at 646.96 EH/s.
Increased Miners’ Activities Pre-halving
The mining difficulty usually fluctuates sideways, indicating how hard or easy miners can verify transactions and add them to a block for rewards. It is usually computed on a fortnight basis and a rise or drop is determined by the number of computers that plug in to mine the flagship digital currency. Hence, a large number of computers may stir a rise in hashrate while fewer computers lead to a drop.
Impact on Bitcoin Price
The new mining difficulty rate could be perceived as a reset following the completion of the much-anticipated Bitcoin halving event. With less difficulty, the rate at which new coins are generated becomes less tedious, forcing more miners to produce more. The relatively higher supply boom will help meet market demand, sustain liquidity and push price higher.
Conclusion
Despite this potential, Bitcoin is currently trading at $61,978.24 with a 0.78% drop in the last 24 hours, according to CoinMarketCap data. In all, other metrics could push the price of Bitcoin to new levels with projections of a retest of its past All-Time High (ATH).
