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It’s Become Easier to Mine a Single Bitcoin (BTC) – Here’s Why
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Recent market data shows that there is a dramatic change in the Bitcoin (BTC) network regarding mining difficulty. This shift reduced mining challenges, with the hashrate dropping more than 5.6% to 83,148,355,189,239 (83.15 trillion). For According to data from BTC.com, this adjustment to Bitcoin’s mining difficulty occurred at block 842,688, with an average hashrate of 646.96 EH/s.
The difficulty of the Bitcoin network measures how difficult it is for miners to verify transactions and add them to a block to earn rewards. The difficulty of the network is calculated every two weeks and the parameter increases as more computers connect to mine more Bitcoin. The opposite trend occurs when there are fewer entities connected to the network.
According to the data, the network’s average hashrate over the past seven days stands at 572.18 EH/s, the largest drop since at least December 2022. This drop, if sustained, means that for the same resources, miners can get further production with amplified profitability.
With cryptocurrency mining companies’ earnings report underway, favorable mining difficulty is demonstrated by their higher revenue for the first quarter.
The Bitcoin ecosystem is in the spotlight, with the price of the underlying asset falling by $61,135.59, or 2.29%, in 24 hours. Since then the coin has continued to flow registered an all-time high (ATH) of $73,750.07. However, long-term traders are confident in the asset’s ability to remain resilient and potentially chart a rebound soon.
At the moment, the bullish sentiment depends on the initiative of CryptoQuant CEO Ki Young Ju, who said that the network can support more than 3 times its current valuation. For Bitcoin, this would imply a maximum of $256,000. With Morgan Stanley and Susquehanna reportedly By embracing Bitcoin spot ETFs, the optics and potentials are remarkably well aligned.
About the author
Goffredo Beniamino
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for cryptocurrencies was born when, as a former banker, he discovered the clear advantages of decentralized money compared to traditional payments. With his extensive experience covering various aspects of Web3, Godfrey’s articles have been published in Blockchain.news, Cryptonews, and Coingape, among others.