Crypto:
30251
Bitcoin:
$66.271
% 0.98
BTC Dominance:
%54.5
% 0.21
Market Cap:
$2.38 T
% 1.77
Fear & Greed:
74 / 100
Bitcoin:
$ 66.271
BTC Dominance:
% 54.5
Market Cap:
$2.38 T

Bitcoin Mining Difficulty Sees Biggest Drop in 1.5 Years

Bitcoin Mining, Bitcoin Halving

The Bitcoin mining difficulty, which was last adjusted on April 24, seems to have finally felt the full impact of the halving. The difficulty, which is automatically adjusted every 2016 blocks, reached its new level at 14:00 TRT today and experienced the most severe drop it has seen since December 6, 2022. On that day, Bitcoin was trading around $17,000 as FTX headed for bankruptcy.

The difficulty, which was adjusted at block 842.688, fell to 83.1 trillion. The difficulty, which was adjusted just a few days after the halving on April 24 and did not actually reflect the effects of the halving, had reached 88 trillion. This increase was also due to the Runes tokens, which were launched with the halving and saw crazy levels of interest.

Miners can breathe a sigh of relief

As is known, the difficulty is actually directly proportional to the number of machines mining… As the number of miners who cannot cope with the difficulty and shut down their machines increases, the difficulty level is also pulled down, and the remaining, relatively powerful miners can extract blocks more easily. Therefore, after the halving, miners who had already seen their rewards halved (to 3.125 BTC) were putting in more effort and earning less. Therefore, the decrease in difficulty can give them a breather for a while.

Along with the difficulty, there was also a decrease in the hash rate. The rate fell below 600 exahash per second.

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