Bitcoin Mining Difficulty Set to Increase by 1% Amid Hashrate Rebound

  • Sergey Maga
  • 23 May, 2024 10:08
Bitcoin Mining Difficulty Set to Increase by 1% Amid Hashrate Rebound

Bitcoin’s mining difficulty is expected to rise by approximately 0.9% this Thursday as the network’s seven-day moving average hashrate rebounds to over 600 exahashes per second (EH/s). This adjustment comes after the hashrate experienced a period of stagnation, initially remaining flat following the previous difficulty adjustment on May 9, according to TheMinerMag.

Network data indicates that the average block production interval between the latest block (844,577) and the previous difficulty adjustment block (842,688) was 9.91 minutes, which is about 1% faster than the intended 10-minute interval. This quicker block production rate necessitates an increase in mining difficulty to maintain the balance of the network.

The hashrate began to rise on Monday, with the three-day moving average jumping above 620 EH/s. This surge in hashing power resulted in an average block production time of 9.55 minutes over the past three days. This upward trend aligns with Bitcoin’s market price, which surpassed $70,000 on Monday amid positive market news regarding the SEC’s progress on reviewing spot ETFs for ETH.

Bitcoin’s price increase also boosted the hashprice, which climbed to over $55 per petahash per second (PH/s), a 22% rise from recent lows of $45/PH/s following the halving event. This has made mining more profitable, encouraging more miners to join the network or increase their operational capacity, thereby contributing to the increase in hashrate.

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