Bitcoin’s Significant Adjustment: Mining Difficulty Hits 18-Month Low

Name	Symbol	Market	Market Cap ($)	Algorithm
Flow	FLOWUSD	Crypto	1,309,583,449	Unknown

Name

Symbol

Market

Market Cap ($)

Algorithm

Flow

FLOWUSD

Crypto

1,309,583,449

Unknown

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.024	-2.67%	0.876	0.874	0.87791

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.024

-2.67%

0.876

0.874

0.87791

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.89967	0.855	0.895	0.900	0.385000 - 1.70

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.89967

0.855

0.895

0.900

0.385000 - 1.70

Exchange	Last Trade	Size	Trade Price	Currency
CRTO	15:09:02	0.100000	0.876	USD

Exchange

Last Trade

Size

Trade Price

Currency

CRTO

15:09:02

0.100000

0.876

USD

Price x Volume	Volume	Base Symbol	Related Pairs
81,757.18	92,693.78	FLOW	FLOWEUR	FLOWGBP	FLOWBTC

Price x Volume

Volume

Base Symbol

Related Pairs

81,757.18

92,693.78

Bitcoin’s Significant Adjustment: Mining Difficulty Hits 18-Month Low – What’s Next For Miners?

09/05/2024 9:00pm

NEWSBTC

The Bitcoin mining difficulty has experienced a significant decrease, the largest drop observed in the last 18 months. This change is directly tied to fluctuations in the network’s hash rate, which has dipped below 600 EH/s following the recent halving event. The adjustment, which marks a 5.7% fall in mining difficulty, brings the level down to 83.1 trillion, according to data from Bitbo. This most substantial adjustment since December 2022 reflects broader shifts within the Bitcoin mining landscape. At that time, Bitcoin’s price hovered around $17,000, contrasting sharply with current levels. Notably, the mining difficulty, a metric that determines how challenging it is to find a new block, adjusts approximately every two weeks, or every 2016 blocks. This system ensures that block discovery remains consistent at around every 10 minutes, irrespective of the number of miners. Related Reading: Bitcoin Hits ‘Danger Zone’: Peter Schiff Warns Of ‘Do or Die’ Scenario Impact On Miners And Market Dynamics The recent decline in mining difficulty came after a 10% drop in the network’s hash rate from a seven-day moving average of 639.58 EH/s to 581.74 EH/s. This decrease in hash rate led to longer average block times of about 10 minutes and 36 seconds, up from the standard 10 minutes, before the difficulty adjusted downward at block height 842,688. The reduced hash rate also contributed to a new low in the hash price, which fell to roughly $0.049 per TH/s per day. This decline impacts miners’ profitability, as the hash price, a term introduced by Bitcoin mining firm Luxor, represents the earnings a miner can expect per unit of hashing power per day. However, today’s negative difficulty adjustment may provide some relief for miners, making it easier to mine blocks than in the previous two weeks. Bitcoin Market Reactions And Investment Trends The adjustments in mining difficulty and hash rate come when Bitcoin’s price also shows signs of volatility. After reaching a peak above $73,000 in March, the price has fallen by 16% and is now trading around $61,376. This decline mirrors the broader trend in the mining difficulty, suggesting a possible correlation between these metrics. Related Reading: Bitcoin Bears Keeps Pushing, Why BTC Could Turn Bearish Below $60K? Furthermore, the market has observed subdued activity in the spot Bitcoin exchange-traded funds (ETFs). Data from Soso Value indicates minimal net inflows or outflows, with Bitwise Bitcoin ETF being the only issuer that experienced inflows yesterday. On May 8, the total net inflow of Bitcoin spot ETF was $11.5409 million. Grayscale ETF GBTC has no inflows and outflows. Bitwise ETF BITB saw a single-day net inflow of $11.5409 million. The total net asset value of Bitcoin spot ETFs is $51.504 billion. https://t.co/OkjFkXsACa — Wu Blockchain (@WuBlockchain) May 9, 2024 This trend could signify a cooling interest in Bitcoin investments or a shift in investor strategy following the recent price and mining adjustments. Feature image from Unsplash, Chart from TradingView

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