Bitcoin Mining Difficulty Drops to 79.5 Terahashes, Lowest Since March
Bitcoin Mining Difficulty Drops 5%
Bitcoin mining difficulty has experienced a significant drop of over 5%, reaching a low of 79.5 terahashes (79.5T) on July 5. This marks the lowest point in difficulty since March, when it briefly dipped below 80T.
According to Cointelegraph, the difficulty had surged to an all-time high of 88.10T between March and May before gradually settling to its current level. The quarterly drop to 79.5T represents the largest decrease in difficulty since March.
Hashrate, a key metric for Bitcoin mining difficulty, measures the number of guesses a mining machine must make before solving the cryptographic puzzle and unlocking new Bitcoins. The hashrate is updated approximately every two weeks, or every 2,016 blocks.
Over the years, hashrates have steadily increased, with significant growth seen in recent years. In 2014, the hashrate was around 1.1 gigahashes, a level that could be mined by most desktop PCs. However, as adoption of Bitcoin increased, hashrates reached the terahash mark towards the end of 2017.
As of July 6, 2024, the hashrate remains at 79.5T until the next difficulty adjustment. Mining pool @f2pool_official predicts that ASIC rigs with an efficiency rate of 26 watts per terahash or below will be economically viable under the current difficulty measure, assuming Bitcoin’s price stays above $54,000.
More efficient rigs may be required to maintain profitability if the price of Bitcoin decreases. However, with energy subsidies in certain regions, larger mining operations should be able to operate comfortably even if the price of Bitcoin fluctuates.
Overall, the recent drop in Bitcoin mining difficulty highlights the dynamic nature of cryptocurrency mining and the importance of efficiency in mining operations to remain profitable.
[TokenPost | [email protected]]
