Bitcoin Mining Difficulty Drops 0.79%: What Miners Need to Know
CryptoNewsTerminal Staff06 Jun, 2024
Bitcoin Mining Difficulty Drops 0.79%: What Miners Need to Know
## Bitcoin Mining Difficulty Drops by 0.79% Today, the Bitcoin mining difficulty has been adjusted downward by 0.79% to 83.72T at 6:04 PM (KST), according to BTC.com. At the time of the adjustment, the average hashrate was 595.30 EH/s. This marks the second consecutive downward adjustment in difficulty, following a 0.32% decrease on June 28th. The difficulty adjustment is a regular event that occurs approximately every two weeks and is designed to maintain the average block time at 10 minutes. When the hashrate increases, the difficulty increases, and when the hashrate decreases, the difficulty decreases. The next difficulty adjustment is expected to be a downward adjustment of 0.03% to 83.69T, which will take place in approximately 14 days. What this means for miners: The decrease in difficulty means that it will be slightly easier to mine Bitcoin. This could lead to an increase in the number of miners and a decrease in the block reward for each miner. However, it is important to remember that the block reward is halved approximately every four years, so the long-term profitability of mining Bitcoin is not likely to be affected by this difficulty adjustment.
