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FameEX Hot Topics | Bitcoin's Mining Difficulty Decreases, Ending Streak Since September
2023-12-13 16:36:35
On December 9, 2023, Bitcoin experienced a significant event as its mining difficulty decreased by 0.96%, marking the first reduction since September 19, 2023. This development interrupted a streak of six consecutive increases in difficulty, attracting attention and discussion within the cryptocurrency community.
This reduction in Bitcoin's difficulty took place at block height 820,512, adjusting the current difficulty level to 67.31 trillion. This adjusted difficulty will remain unchanged for the next 12 days, until December 23, 2023. While this decrease is generally welcomed by miners, as it makes it 0.96% easier to secure block rewards, it has not been accompanied by a corresponding increase in the network's hashrate. Interestingly, the hashrate had already been on a downward trend before the recent difficulty adjustment. On December 4, 2023, the seven-day average hashrate was at 507 exahash per second (EH/s). However, by December 11, 2023, this average had dropped to 472 EH/s, indicating a 6.9% decline in just three days. Furthermore, the current hash price falls considerably short of the peak reached on December 6, 2023. During that period, the daily rate for petahash per second (PH/s) surpassed $111 per PH/s. Currently, the seven-day average has fallen to $88.41 per PH/s, marking 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, projected to occur around April 20, 2024, miners are preparing for a significant change 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 considered 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 critical attributes, ensuring its continued operation and evolution in the ever-changing cryptocurrency landscape. Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.
