Bitcoin mining difficulty drops following historical maximum
As a result of the next recalculation, the difficulty of Bitcoin mining decreased by 0.97%, with an indicator of 83.13 T.
The average hashrate for the period since the previous value change was 599.71 EH/s. The range between blocks is 10 minutes and 7 seconds. Mining difficulty determines the required total hardware capacity for mining Bitcoin (BTC). An increase in this indicator brings the halving date of the first cryptocurrency closer. Under certain conditions, it may occur in April 2024.
According to Glassnode, the seven-day moving average peaked at 614.9 EH/s on March 24. After that, it corrected to 586.1 EH/s.
According to the Hashrate Index, the hash price has increased over the past 24 hours from $108 per PH per day to $110.
On March 14, the difficulty of Bitcoin mining updated its historical maximum and reached 83.95 T. Since the last change date, the indicator has increased by 5.79%, and the average hashrate in the Bitcoin network reached 600.72 EH/s.
Meanwhile, Bitfinex experts believe that institutional funding of public companies has disadvantaged individual and small miners and could have long-term effects on network dynamics.
Bitfinex’s experts noted that the influx of capital and the “professionalization” of mining operations led to an increase in hashrate, thereby increasing the network’s overall security and stability. Thus, Wall Street investor funding in corporate mining has fundamentally changed the network’s incentive structure.
