Bitcoin mining difficulty drops 6%, lowest since December 2021

Bitcoin mining difficulty has dropped to its lowest level since December 2021.

According to BTC.comOn May 9, Bitcoin mining difficulty (Bitcoin) fell 5.63% to 83.15 T. The same value occurred during the 2022 bear market phase due to a series of bankruptcies, including the collapse of Terra and FTX.

Source: BTC.com

Since the previous change in value, the average hashrate over a period of approximately two weeks was 595 EH/s versus 630 EH/s, indicating the possible shutdown of equipment by miners, whose operation has become unprofitable after the most recent crisis of Bitcoin. reduce by half.

The next variation of the indicator will occur on May 23rd. The predicted value is a reduction of 0.19%.

On April 20, the block reward was changed from 6.25 BTC to 3.125 BTC. Immediately after the halving, mining difficulty increased sharply due to high commissions on the Bitcoin network, but miners’ income was largely unaffected by the reward halving.

In early May, Bitcoin miners’ daily revenue fell to October 2023 values. Blockchain.com Data shows that miners’ total income dropped to $26.38 million on May 3.

Ki Young Ju, founder and CEO of analytics company CriptoQuant, found no signs of capitulation on the part of the miners. He assumed that BTC profit generation quotes after block reward halving should be $80,000.

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