Bitcoin Mining Difficulty Sees Significant 5% Drop, First Major Adjustment in Months

IconCryptoNewsTerminal Staff04 Jul, 2024

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Bitcoin Mining Difficulty Sees Significant 5% Drop, First Major Adjustment in Months

Bitcoin's mining difficulty has undergone a notable 5% downward adjustment, marking the first significant drop in two months. According to data from BTC.com, the adjustment occurred at around 12:21 PM today, bringing the difficulty down to 79.50T from the previous 83.66T. This adjustment coincides with a decline in the network's hashrate, which stood at 541.09 EH/s at the time of the adjustment. The next difficulty adjustment is expected in approximately 14 days and is projected to result in a further 0.05% reduction to 79.45T. This significant adjustment in mining difficulty is a positive sign for miners, as it indicates a decrease in the computational power required to mine Bitcoin. It is also a possible indication of a decline in the number of miners on the network, as miners may have been discouraged by the recent drop in Bitcoin's price.

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