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Bitcoin mining difficulty declined for first time since September

bitcoin-mining-difficulty-declined-for-first-time-since-september
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Bitcoin mining difficulty declined for first time since September

On Dec. 10, 2023, Bitcoin (BTC) mining difficulty decreased by 0.96% with an average hashrate at 462.60 EH/s.

The decrease in mining difficulty occurred against the backdrop of a drawdown in the Bitcoin price. On the night of Dec. 11, the price dropped to $40,500.

This is the first reduction in mining difficulty since mid-September 2023, according to BTC.com. A change in this indicator directly affects the date of the halving, which is expected in April 2024.

Bitcoin mining difficulty declined for first time since September - 1
Source: BTC.com

The last change in the indicator occurred on Nov. 26, 2023. It showed an increase of 5.07% compared to the previous value. The hash rate was 480.85 EH/s.

The next change in mining difficulty will tentatively take place on Dec. 23, 2023. The forecast is a reduction of 0.12%, according to BTC.com.

Notably, since mid-September, the average hashrate on the Bitcoin network has been growing almost constantly. A PlanB expert stated that this is due to ETF issuers.

According to the analyst, large companies who buy Bitcoins directly from miners impact price, and transactions are often mired in a corresponding increase in hash rate.