According to data compiled by BTC.com, the recent update in Bitcoin’s mining difficulty has caused a 5.63 percent drop in the hash rate, bringing it down to 83.15 trillion. This adjustment was made at a block height of 842,688, resulting in an average hash rate of 646.96 EH/s. The mining difficulty, which indicates the level of difficulty for miners to validate transactions and add them to a block, often fluctuates. It is determined by the number of computers connected to mine the cryptocurrency and is recalculated every two weeks. Therefore, the hash rate can increase or decrease depending on the number of participating computers.
In comparison to the previous week, the average network hash rate of 572.18 EH/s is the most significant drop since December 2022. If this decline continues, miners using the same resources may be able to produce more and increase their profits. This advantageous mining difficulty has already paid off for crypto mining companies like Core Scientific, as their income streams reached record highs in the first quarter of 2024.
Last month, the mining difficulty for Bitcoin reached 89.39 trillion hashes. This decision was not surprising given the approaching Bitcoin halving event and the surge in miners competing to mine the cryptocurrency. A higher hash rate is crucial for maintaining network security.
In today’s highlighted crypto news, Canaan has unveiled the Avalon A15 Series, which aims to redefine Bitcoin mining efficiency.