Bitcoin Mining Difficulty Falls by More Than 5%

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Due to the latest recalculation, the difficulty of mining the leading cryptocurrency dropped by 5.63% to 83.15T. This decrease is the most significant since December 2022.

During that time, Bitcoin was going through a bear market phase, which was influenced by several bankruptcies, such as Terra and FTX.

Compared to the previous value, the average hashrate over a two-week span was 595EH/s, a decrease from the previous 630EH/s.

This suggests that some miners may have shut down their equipment as it became unprofitable after the halving. The block reward halving, reducing from 6.25 BTC to 3.125 BTC, occurred on April 20 at block height #840,000.

On April 25, the mining difficulty hit a new high of 88.1T. However, experts had predicted a loss of computing power after the halving for economic reasons.