- Bitcoin mining difficulty has reached its most significant level in 18 months, posing challenges for cryptocurrency miners.
- The world’s leading cryptocurrency, Bitcoin, has reached approximately the most significant mining difficulty level in 18 months, signaling a change in the outlook for cryptocurrency mining.
- Today’s 5.7% drop marks the highest negative situation seen since the bear market lows of December 6, 2022, when Bitcoin was trading around $17,000.
Bitcoin’s mining difficulty has hit an 18-month high, presenting new challenges for miners and potentially signaling a shift in the cryptocurrency mining landscape.
Bitcoin Mining Difficulty Sees Largest Drop in 18 Months Amid Falling Hash Rate
According to data from Bitbo, the difficulty adjustment occurred at a block height of 842,688, with the difficulty falling to 83.1 trillion. The Bitcoin mining difficulty serves as a relative measure of the difficulty of mining new blocks, automatically adjusting every 2016 blocks, independent of changes in miner activity, to maintain an average block discovery time of 10 minutes.
Significant Drop in Network Hash Rate Follows Last Negative Adjustment
The last negative adjustment follows a notable 10% drop in the network hash rate since the last adjustment on April 24. This drop, from a seven-day moving average of 639.58 EH/s to 578.74 EH/s, contributed to average block times of 10 minutes 36 seconds before the adjustment. The drop in the hash rate also led to Bitcoin’s hash price hitting an all-time low, falling below $50 per daily PH/s (or $0.05 per daily TH/s) on April 29, coinciding with Bitcoin’s price falling below $63,000.
Conclusion
The significant increase in Bitcoin mining difficulty and the subsequent drop in the network hash rate highlight the evolving challenges and dynamics within the cryptocurrency mining landscape. As Bitcoin’s price continues to fluctuate, miners will need to adapt to these changes and navigate the complexities of the market. This development could potentially signal a shift in the outlook for cryptocurrency mining, with further implications for the broader cryptocurrency market.
