Bitcoin Miners Anticipate Difficulty Level Predicted to Drop After Five Consecutive Increases

The network’s difficulty level is anticipated to drop for the first time in over 73 days. The decrease, projected to occur around May 4, 2023, comes after a significant upswing of approximately 22,62% since block height 778,176.

Current estimations for the difficulty drop range between -1% to -4%, providing miners with some relief after the consecutive increases. The exact figures remain uncertain, as more than a thousand blocks are yet to be discovered before the next difficulty adjustment takes place. Presently, the Bitcoin network’s hashrate stands at 332 exahash per second (EH/s), with block intervals indicating that blocks are being found slightly over the ten-minute average.

In addition to the anticipated difficulty drop, the price of bitcoin has seen an upward trajectory, spiking 6% higher on April 26 and surging above the $29K range. This increase in value offers miners higher daily revenue until the next retarget.

Major mining pools continue to contribute substantial hashpower. Foundry USA leads the pack with 110.30 EH/s, accounting for 32,68% of the total hashrate. Antpool follows closely, contributing 79.62 EH/s or 23,59% of the total hashrate. F2pool, Viabtc, and Binance Pool trail behind as the third, fourth, and fifth largest mining pools, respectively.