|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Bitcoin Mining Difficulty Nosedives, Boosting Miner Profits
May 10, 2024 at 02:08 am
The Bitcoin mining difficulty has decreased by 5.6% to 83.15 trillion, leading to a lower hashrate and increased profitability for miners. This adjustment is part of a broader trend of fluctuating mining difficulty based on the number of miners in the network. Despite the recent drop, long-term investors remain optimistic about Bitcoin's value potential, citing the positive impact of favorable mining conditions on crypto mining company earnings and the possibility of a rebound in the asset's price.
Bitcoin Mining Difficulty Drops Significantly, Boosting Miner Profitability
Recent market analysis indicates a substantial shift within the Bitcoin (BTC) ecosystem concerning its mining difficulty. This adjustment has led to a significant reduction in mining difficulty, with the hashrate plummeting by over 5.6% to 83,148,355,189,239 (83.15 trillion).
As per data from BTC.com, this Bitcoin mining difficulty adjustment occurred at block height 842,688, with the average hashrate hovering around 646.96 EH/s. The Bitcoin network difficulty is a measure of how computationally challenging it is for miners to validate transactions and add them to a block in exchange for rewards. The network difficulty is recalculated every two weeks, increasing when more computing systems join the network to mine additional Bitcoin. Conversely, a decrease in network difficulty occurs when fewer entities are connected to the network.
According to the data, the average network hashrate over the past seven-day period has reached 572.18 EH/s, marking the steepest decline since at least December 2022. This drop, if sustained, suggests that miners can expect higher output with increased profitability for the same level of resources.
The favorable mining difficulty is reflected in the earnings reports of crypto mining companies, with many showcasing enhanced revenue for the first quarter of the year.
Amidst this development, the Bitcoin ecosystem remains under scrutiny as the value of the underlying asset has plunged by $61,135.59, or 2.29%, within the past 24 hours. The coin has been on a downward trajectory since it reached its all-time high (ATH) of $73,750.07. However, long-term investors maintain confidence in the asset's resilience and potential for a swift rebound.
Bullish sentiment is currently fueled by the opinion of CryptoQuant CEO Ki Younger Ju, who believes the network can support a valuation over three times its current level. For Bitcoin, this would translate to a potential high of $256,000. With reports indicating that Morgan Stanley and Susquehanna are embracing spot Bitcoin ETFs, the outlook and potential appear particularly promising.
Despite the recent decline in Bitcoin's price, analysts remain optimistic about the long-term prospects of the digital asset. The decreasing mining difficulty and the growing adoption of Bitcoin ETFs signal a shift towards mainstream acceptance and increased investor confidence. As the market continues to evolve, it remains to be seen whether Bitcoin can regain its previous momentum and reach new heights.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Fantom (FTM) Soaring in Defi, While Sui and RebelSatoshi Navigate Market Turbulence
- May 18, 2024 at 09:39 pm
- Fantom (FTM): Climbing the Defi Ladder in Q2024 Amidst the market's recent turbulence, Fantom (FTM) has emerged as a beacon of hope for Defi enthusias
-
- BNB, Kaspa Show Positive Market Signals; BlockDAG Soars as Promising Crypto Investment
- May 18, 2024 at 09:31 pm
- Positive Market Signs Emerge for BNB and Kaspa; BlockDAG Celebrated as a Promising Crypto Investment After a protracted period of market decline, Bina
-
- Google's Search Engine Revolutionizes with AI-Powered Responses
- May 18, 2024 at 01:00 pm
- Google Unveils Ambitious Search Engine Revamp, Prioritizing AI-Generated Responses Mountain View, California - Google, the tech behemoth renowned for
-
- Southern Mallee up, about
- May 18, 2024 at 01:00 pm
- Southern Mallee up, about 18/05/2024 .td-post-sharing-classic { position: relative; height: 20px; } .td-post-sharing { margin-left: -3px; margin-righ
-
- Crypto Market Soars as Bitcoin Nears $67K Milestone
- May 18, 2024 at 12:58 pm
- Crypto Market Rebounds as Bitcoin Nears $67,000 Milestone The cryptocurrency market has witnessed a significant rebound, with the top digital assets p
-
- XRP's Shadowed Future: SEC Lawsuit Threatens Crypto's Potential
- May 18, 2024 at 12:49 pm
- XRP's Dim Future: SEC Shadow Looms Large, Dampening Investor Sentiment Since its highly anticipated debut in 2013, XRP has failed to live up to its in
-
- Whale Dump Rocks Dogecoin Market with $18.55M Worth of Tokens Offloaded on Robinhood
- May 18, 2024 at 12:43 pm
- Whale Dump Shakes Dogecoin Market as 120M Tokens Offloaded on Robinhood In a move that has sent shockwaves through the crypto community, an unknown wh
-
- Borroe Finance ($ROE) Soars, Outshining Ethereum and Ripple as Blockchain ICO Rising Star
- May 18, 2024 at 12:38 pm
- Borroe Finance ($ROE): The Rising Star of Blockchain ICOs, Surpassing Ethereum and Ripple in Performance In the ever-evolving realm of the cryptocurre
-
- Bitcoin: The Invincible Long-Term Investment, Surpassing Crypto Competition and Legacy Assets
- May 18, 2024 at 12:30 pm
- Bitcoin: The Unbeatable Long-Term Investment, Outperforming Crypto Rivals and Traditional Assets In the vast landscape of investment options, the stoc