Bitcoin Network Witnesses Significant Decrease in Difficulty and Hashrate
Following the halving event on April 19, 2024, the Bitcoin network has experienced its second difficulty adjustment of the year, resulting in the most substantial reduction in difficulty thus far. Furthermore, the total hashrate of the network has dipped below the 600 exahash per second (EH/s) milestone for the first time since late March.
In the coming two weeks, Bitcoin miners can expect some relief as the difficulty level has dropped by 5.62%, going from 88.10 trillion to the current 83.15 trillion. This adjustment, occurring at block height 842,688, marks the most significant reduction since December 5, 2022.
Over the past 20 days, Bitcoin’s total hashrate has witnessed a decline of 75 EH/s. This decrease can be attributed to the recent decline in BTC prices and lower mining rewards. As a result, the hashprice, representing the daily value of one petahash per second (PH/s) of hashpower, has fallen below $47 per PH/s. This decline in hashprice is unprecedented in over seven years and has led to a significant portion of the hashrate exiting the network.
Currently, the network’s total hashrate stands at approximately 580 EH/s, which is 75 EH/s lower than the peak of 655 EH/s reached on April 19. Looking ahead, the next adjustment for the Bitcoin network’s difficulty is expected around May 24, 2024.
We would like to hear your thoughts and opinions on the difficulty drop this week. Please share them in the comments section below.