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FameEX Hot Topics | Bitcoin's Mining Difficulty Declines, Breaking Streak Since September
2023-12-13 16:36:35
On December 9, 2023, Bitcoin experienced a notable event as its mining difficulty decreased by 0.96%, marking the first reduction since September 19, 2023, and ending a streak of six consecutive difficulty hikes. Simultaneously, Bitcoin's total hashrate displayed a declining trend over the past six days, sparking interest and discussions within the cryptocurrency community.
This 0.96% reduction in Bitcoin's difficulty occurred at block height 820,512, bringing the current difficulty level to 67.31 trillion. This adjusted difficulty will remain in place for the next 12 days, until December 23, 2023. While this decrease is generally seen as favorable for miners, making it 0.96% easier to secure block rewards, it has not resulted in a corresponding increase in the network's hashrate. Interestingly, the hashrate had already been on a downward trajectory prior to the recent difficulty adjustment. On December 4, 2023, the seven-day average hashrate stood at 507 exahash per second (EH/s). However, as of December 11, 2023, this average has declined to 472 EH/s, signifying a 6.9% drop in just three days. Comparatively, the present hash price falls considerably short of the peak recorded on December 6, 2023. During that period, the daily rate for petahash per second (PH/s) soared above $111 per PH/s. Presently, the seven-day average reflects a decline to $88.41 per PH/s, representing a reduction of over 20%. In light of these developments, Bitcoin miners are closely monitoring the countdown to the next major milestone: the halving. With 19,135 blocks remaining until the anticipated halving, expected to occur around April 20, 2024, miners are preparing for a significant alteration in the mining landscape. During the halving event, the block reward will undergo a substantial reduction, decreasing from 6.25 BTC to 3.125 BTC per block. This impending halving has captured the attention of miners and the broader cryptocurrency community. It is regarded as a pivotal moment for the Bitcoin network, as it not only impacts miners' rewards but also influences the overall network dynamics and economics. As Bitcoin continues to navigate through these fluctuations in difficulty and hashrate, its resilience and adaptability remain key attributes, ensuring its continued operation and evolution. Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.
