Bitcoin mining difficulty takes a dive after reaching record high.
Following the latest recalculation, there was a 0.97% decrease in the difficulty of Bitcoin mining, now standing at 83.13 T. The average hashrate in the period leading up to this change was 599.71 EH/s. The block time remains at 10 minutes and 7 seconds.
Mining difficulty plays a crucial role in determining the total hardware capacity required for mining Bitcoin (BTC). An increase in this difficulty level brings the halving date of the leading cryptocurrency closer, possibly occurring in April 2024 under specific circumstances.
According to data from Btc.com, the seven-day moving average hit 614.9 EH/s on March 24 before dipping to 586.1 EH/s. The Hashrate Index shows a rise in hash price over the past 24 hours from $108 per PH per day to $110.
On March 14, Bitcoin mining difficulty reached a historical high of 83.95 T. Since the last adjustment, there has been a 5.79% increase in this metric, with the average hashrate in the Bitcoin network climbing to 600.72 EH/s.
Experts at Bitfinex have raised concerns about the impact of institutional funding on public companies in the mining sector, potentially disadvantaging individual and small miners and altering network dynamics in the long run. They observed that the inflow of capital and the professionalization of mining operations have boosted hashrate, enhancing the overall security and stability of the network. The involvement of Wall Street investors in corporate mining has brought about fundamental changes in the network’s incentive structure.
For more updates on Bitcoin mining, check out the latest article on firms shipping equipment overseas ahead of the halving. Stay informed by following us on Google News.
