Bitcoin Mining Difficulty Expected to Decrease by 4-5% on August 14, 2024

Bitcoin miners may find some relief soon as the network’s difficulty is expected to decrease by 4% to 5.3% on August 14, 2024. This adjustment comes after a record 10.5% increase 11 days ago, which pushed Bitcoin’s difficulty to an all-time high of 90.67 trillion. The recent slower block times, averaging 10 minutes and 32 seconds, indicate a likely reduction in difficulty, according to Bitcoin.com.

The upcoming decrease could help miners who are struggling with low revenue due to the current hashprice, which stands at $42.43 per PH/s, significantly lower than pre-halving levels. As of August 11, 2024, the network’s total hashrate is 618.47 EH/s.

This adjustment could alleviate some of the pressure on miners by making it easier to discover blocks in the current low-revenue environment. The exact change in difficulty will be determined in the next 480 blocks. If the decrease reaches the higher end of the estimate, it could reverse half of the recent increase, offering miners a much-needed respite.