Bitcoin mining difficulty to see largest increase in a year

exchange68September 12, 2024

0 0 1 minute read

Quick Take

Bitcoin’s difficulty adjustment is poised for another significant shift with an upcoming 7% adjustment, according to Newhedge.

This marks the largest difficulty increase in almost a year since March 2023. The evolution of Bitcoin’s mining difficulty is a significant indicator of the network’s health and security.

The previous difficulty adjustment registered a decrease of -3.9%, marking the most substantial downward adjustment since December 2022.

Difficulty Adjustment: (Source: Glassnode)

Interestingly, this development comes on the heels of a notable drop in hash rate triggered by the recent Texas freeze. CryptoSlate’s coverage indicated this event led to a substantial decline in hash rate, which has since recovered, albeit still slightly below its all-time high at approximately 533 eh/s.

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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