Bitcoin Mining Difficulty Drops 4.6% at Block 862,848

Bitcoin miners received a much-needed respite: at block height 862,848, the mining difficulty decreased by 4.6%. This is the first significant drop in difficulty in recent months, easing the process of mining new blocks for miners worldwide.

The network difficulty now stands at 88.4 trillion, meaning miners will require 4.6% less computational power to find the next block. In the previous 2,016 blocks, the difficulty was at a record high of 92.67 trillion. The network hash rate, which had previously reached a record 693 EH/s, has decreased to 638.82 EH/s but is expected to rise again with the reduced difficulty.

The drop in difficulty coincided with an increase in Bitcoin’s price, which rose by 4.6% this week to surpass $64,000. This makes mining more profitable and may attract new participants to the network.