Bitcoin’s mining difficulty experienced a 1.48% increase at block height 844,704, reaching a staggering 84.38 trillion. This adjustment aligns perfectly with Bitcoin’s overall hashrate surpassing the 600 exahash per second (EH/s) milestone.
The rise in difficulty occurred on May 23, 2024, precisely at block 844,704. The difficulty level adjusted from 83.14 trillion to an impressive 84.38 trillion. This increase follows a previous decrease of 5.62% on May 9, 2024, which happened at the same time as a drop in hashprice below pre-halving levels. The term “hashprice” refers to the estimated value of one petahash per second (PH/s) of hashing power per day.
The change in difficulty at block height 844,704 resulted in a 1.48% increase. Prior to the halving event, the hashprice stood at slightly over $100 per PH/s but fell below $45. However, on May 23, 2024, with the value of BTC improving, the hashprice rose to around $54.85 at 12 a.m. EDT. As the hashprice declined, the overall hashrate dropped from 645 EH/s to a low of 582 EH/s, according to the seven-day simple moving average (SMA).
When the overall hashrate reached 582 EH/s, the price of BTC was slightly above $60,000. Since then, the price has increased by over $9,000, leading to a surge in the hashprice. Consequently, the hashrate has bounced back and now stands at over 600 EH/s. This recent rise in Bitcoin’s mining difficulty and overall hashrate indicates a positive trend in the BTC mining ecosystem.
The climb to 84.38 trillion at block height 844,704, following the previous significant drop, suggests a recovering network. Despite the hashprice being lower than pre-halving levels, the current value of $54.85 per petahash, up from under $45, is a promising sign of recovery. This, combined with the hashrate rebounding to over 600 EH/s, points towards a renewed increase in mining profitability.
What are your thoughts on the difficulty rise that occurred on Thursday? Feel free to share your opinions and thoughts on this matter in the comments section below.
