Bitcoin Network Experiences Second-Largest Difficulty Reduction of 2024

  • Sergey Maga
  • 8 July, 2024 08:54
Bitcoin Network Experiences Second-Largest Difficulty Reduction of 2024

The Bitcoin network recorded its second-largest difficulty reduction of the year. The mining difficulty dropped by 5%, from 83.67 trillion to 79.5 trillion. This change occurred at block height 850,752, marking a significant adjustment after the fourth halving event at block height 840,000, according to Bitcoin.com.

The reduction follows a 5.62% decrease on May 9 at block height 842,688. Despite the recent changes, the hashrate remains high at 582.33 exahash per second (EH/s). The average block interval has been about ten minutes and four seconds.

Bitcoin’s low price has pressured miners, resulting in lower hashprice levels. Over the past two months, mining revenue has significantly declined, leading to three consecutive difficulty reductions. The first two reductions were minor, at 0.79% and 0.05%. The next difficulty retarget is expected on July 19, likely resulting in another reduction.

The continuous decreases highlight the challenges miners face due to low hashprice levels and falling revenue. As the network adapts, the upcoming retarget may continue this trend, emphasizing the dynamic nature of Bitcoin’s ecosystem.

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