- As per BTC.com data, the hash rate declined by 5.63 percent to 83.15 trillion.
- Compared to the previous week, the average network hash rate stood at 572.18 EH/s.
The recent data obtained from BTC.com reveals a significant drop in the difficulty of mining Bitcoin (BTC). The hash rate observed a decrease of 5.63 percent, amounting to 83.15 trillion hashes. This modification was made at block height 842,688, with an average hash rate of 646.96 EH/s.
The mining difficulty, which indicates the complexity of validating transactions for miners to earn rewards, typically experiences fluctuations. The number of computers involved in mining the leading digital currency impacts whether the difficulty increases or decreases, reset approximately every two weeks. Consequently, a rise in hash rate occurs with a higher number of computers and vice versa.
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In comparison to the preceding week, the average network hash rate reached 572.18 EH/s, witnessing the most considerable decline since December 2022. Sustaining this downward trend could potentially boost miners' profits through heightened output.
Notably, financial reports from crypto mining entities, such as Core Scientific, reflect the advantages of this favorable mining difficulty. The firm's profits surged to unprecedented levels in the initial quarter of 2024.
The mining difficulty for Bitcoin peaked at 89.39 trillion hashes the prior month, aligning closely with the imminent Bitcoin halving event. Given the significant influx of miners rushing to mine Bitcoin ahead of the anticipated halving, this development was anticipated. An increased hash rate contributes to maintaining network security.
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