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It Just Got Easier to Mine Single Bitcoin (BTC), Here’s Reason

Thu, 9/05/2024 – 14:48

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Recent market data shows there is a dramatic shift in the Bitcoin (BTC) network as it relates to mining difficulty. This shift has reduced the mining difficulty, with the hashrate dropping by over 5.6% to 83,148,355,189,239 (83.15 trillion). Per data from BTC.com, this Bitcoin mining difficulty adjustment took place at block height 842,688, with the average hashrate coming in at 646.96 EH/s.

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Bitcoin network difficulty is a measure of how hard it is for miners to verify transactions and add them to a block for rewards. Network difficulty is computed every two weeks, and the metric rises with increasing computers plugging in to mine more Bitcoin. The opposite trend occurs when there are fewer entities plugged into the network.

According to the data, the average network hashrate over the trailing seven-day period comes in at 572.18 EH/s, the biggest slump since at least December 2022. This drop, if sustained, means that for the same resources, miners can get additional output with amplified profitability. 

With the earnings report by crypto mining firms underway, thus far, the favorable mining difficulty is showcased in their enhanced revenue for the first quarter.

The Bitcoin ecosystem is under an intense spotlight with the price of the underlying asset down by $61,135.59, or 2.29%, in 24 hours. The coin has been sliding since it recorded an all-time high (ATH) of $73,750.07. However, long-term traders are confident in the asset’s ability to stay resilient and potentially plot a rebound soon.

At the moment, bullish sentiment hinges on the take by CryptoQuant CEO Ki Young Ju, who said the network can support more than 3x of its current valuation. For Bitcoin, this would imply a high of $256,000. With Morgan Stanley and Susquehanna reportedly embracing spot Bitcoin ETFs, the optics and potentials are notably well aligned.

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