Bitcoin mining difficulty level set to drop sharply this weekend

Bitcoin mining platforms. Source: Adobe / amixstudio

Bitcoin’s (BTC) mining difficulty could be wiped out from its all-time high recently reached over the weekend, returning to a March level.

If this adjustment goes as it is now (16:00 UTC) estimated by the mining pool BTC.com, mining difficulty – which is the measure of difficulty in competing for mining rewards – will drop by 13.58%. This will bring it down to 21.64 T, the lowest since mid-March.

This would only be the third drop in mining difficulty this year, and the largest.

Moreover, it comes after the last all-time high (ATH) of 25.05 T, reached in the last adjustment two weeks ago. This is the strongest increase since October 2017.

This is all happening amid the latest massive selloff seen in the crypto markets, which took BTC down 43% from its April 14 ATH of $ 64,804 (by CoinGecko) to $ 36,813 at the time of writing. of this article.

Meanwhile, according to BitInfoCharts.com, the hashrate, or the computing power of the network, had fallen by about 21% between the previous adjustment and May 24. In the next three days, the hashrate of the 7-day simple moving average has increased by 3%. at nearly 130 Eh / s.

Bitcoin Mining Difficulty Set for Sharp Drop This Weekend 102
Source: bitinfocharts.com

Bitcoin mining difficulty is adjusted approximately every two weeks (i.e. every block in 2016) to maintain the normal 10 minute block time. The 7-day simple moving average block time on May 27 was just above 12 minutes.

Looking at the data provided by ByteTree, miners have spent more coins than they had in recent weeks. In the last day, however, they were holding 38 BTC.

Bitcoin mining difficulty set to drop sharply this weekend 103
Source: terminal.bytetree.com, 16:05 UTC

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Learn more:
– Analysts see ‘seismic shift’ in Bitcoin mining amid China’s ‘crackdown’
– Chinese miners block mainland IP access as Beijing purge escalates

– No legal Bitcoin mining in Iran until end of September
– Green investments help Bitcoin miners amid possible regulatory crackdown

– “ The next big migration of minors will be far from China ” – Poolin Exec
– Bitcoin Mining Council: promotion, cabal, attack on BTC or useless?

– A closer look at the environmental impact of Bitcoin mining
– Bitcoin Mining in 2021: growth, consolidation, renewable energies and regulation


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