Bitcoin
It’s Easier to Mine Single Bitcoin (BTC), Here’s Why U.Today
U.Today – Recent market data shows that there is a dramatic change in the (BTC) network when it comes to mining difficulty. This change reduced mining difficulty, with the hashrate dropping over 5.6% to 83,148,355,189,239 (83.15 trillion). According to data from BTC.com, this Bitcoin mining difficulty adjustment occurred at block height 842,688, with the average hashrate reaching 646.96 EH/s.
Bitcoin network difficulty is a measure of how difficult it is for miners to verify transactions and add them to a block to obtain rewards. Network difficulty is calculated every two weeks, and the metric increases as computers connect to mine more Bitcoin. The opposite trend occurs when there are fewer entities connected to the network.
According to the data, the network’s average hashrate over the last seven days is 572.18 EH/s, the biggest drop since at least December 2022. This drop, if sustained, means that for the same resources, miners can get additional resources production with increased profitability.
With crypto mining companies’ earnings report underway, so far, the favorable mining difficulty is demonstrated in their increased revenues in the first quarter.
The Bitcoin ecosystem is under intense focus, with the price of the underlying asset falling by $61,135.59, or 2.29%, in 24 hours. The coin has been falling since recording an all-time high (ATH) of $73,750.07. However, long-term traders are confident in the asset’s ability to remain resilient and potentially plan for a recovery soon.
At the moment, bullish sentiment depends on the decision of CryptoQuant CEO Ki Young Ju, who said the network can support more than 3x its current valuation. For Bitcoin, this would imply a rally of $256,000. With Morgan Stanley and Susquehanna reportedly adopting spot Bitcoin ETFs, the optics and potentials are remarkably well aligned.
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