Bitcoin’s mining difficulty increased by 1.48% at block height 844,704, reaching 84.38 trillion. This adjustment aligns with Bitcoin’s overall hashrate exceeding the 600 exahash per second (EH/s) mark.
Bitcoin Network Difficulty Increases by 1.48%
On May 23, 2024, at block 844,704, the difficulty adjusted from 83.14 trillion to 84.38 trillion. This rise follows a 5.62% decrease on May 9, 2024, coinciding with a hashprice lower than pre-halving levels. Hashprice refers to the estimated value of one petahash per second (PH/s) of hashing power per day.
Difficulty change at block height 844,704 saw a 1.48% increase.
Prior to the halving, it was just over $100 per PH/s, but it dropped to below $45. On May 23, 2024, with BTC’s value improving, the hashprice was approximately $54.85 at 12 a.m. EDT. As the hashprice decreased, the overall hashrate fell from 645 EH/s to a low of 582 EH/s, according to the seven-day simple moving average (SMA).
When it hit 582 EH/s, BTC’s price was slightly above $60,000. The price is now more than $9,000 higher, which has driven up the hashprice. Consequently, the hashrate has rebounded to over 600 EH/s. The recent increase in Bitcoin’s mining difficulty and overall hashrate indicates a positive trend in the BTC mining ecosystem.
The rise to 84.38 trillion at block height 844,704, following the previous significant drop, suggests a recovering network. Despite the hashprice being lower than pre-halving levels, the current $54.85 per petahash, up from under $45, signals a promising recovery. This, along with the hashrate rebounding to over 600 EH/s, points to a renewed increase in mining profitability.
What do you think about the difficulty rising on Thursday? Share your thoughts and opinions about this subject in the comments section below.
