- The hash rate fell 5.63 percent to 83.15 trillion as per data collected by BTC.com.
- Compared to the previous seven days, the average network hash rate is 572.18 EH/s.
According to data collected by BTC.com, the difficulty of mining Bitcoin (BTC) has recently dropped significantly. The hash rate fell 5.63 percent to 83.15 trillion as a result of this latest update. At a block height of 842,688, the modification was made, and the average hash rate was 646.96 EH/s.
The mining difficulty, which shows how hard it is for miners to validate transactions and add them to a block in order to get rewards, often moves in a sideways pattern. The amount of computers that connect to mine the primary digital currency determines whether it rises or falls, and it is typically calculated every two weeks. Therefore, hashrate may go up when there are a lot of computers and down when there are less.
More Production with Same Resources
Compared to the previous seven days, the average network hash rate is 572.18 EH/s, which is the largest drop seen since December 2022. If this continues to decline, miners using the same resources might produce more with an increase in profit.
Crypto mining companies’ profit reports, like Core Scientific’s, show that this advantageous mining difficulty has paid off. Several of their income streams reached all-time highs in the first quarter of 2024.
The difficulty of mining Bitcoin hit 89.39 trillion hashes last month. The Bitcoin halving event was only a few weeks away at this point. Given the dramatic rise in the number of miners racing to mine Bitcoin ahead of the halving, this decision was not surprising. Maintaining network security is achieved by the use of a greater hash rate.
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