U.Today: Recent market data shows that there is a dramatic change in the (BTC) network when it comes to mining difficulty. This change has reduced the difficulty of mining, with the hashrate falling by more than 5.6% to 83,148,355,189,239 (83.15 trillion). According to data from BTC.com, this Bitcoin mining difficulty adjustment took place at a block height of 842,688, with an average hashrate of 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 earn rewards. Network difficulty is calculated every two weeks and the metric increases as more 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-day period 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 obtain additional resources. production with increased profitability.
With the earnings report of crypto mining companies underway, so far, the favorable mining difficulty is shown in the increase in their revenue during the first quarter.
The Bitcoin ecosystem is under intense attention with the price of the underlying asset falling $61,135.59, or 2.29%, in 24 hours. The coin has been falling since it recorded 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 rebound soon.
At the moment, the bullish sentiment depends on the opinion of CryptoQuant CEO Ki Young Ju, who said that the network can support more than 3 times its current valuation. For Bitcoin, this would imply a maximum of $256,000. With Morgan Stanley and Susquehanna reportedly adopting spot Bitcoin ETFs, the optics and potential are remarkably well aligned.
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This article was originally published on U.Today.
