Bitcoin Mining Difficulty Decreases Amidst Price Drop, Anticipating Next Halving in April 2024

On December 10, 2023, the mining difficulty of Bitcoin (BTC) saw a decrease of 0.96%, with the average hashrate being around 462.60 EH/s. This reduction in mining difficulty took place amidst a decline in Bitcoin’s price, which fell to $40,500 on the night of December 11.

This marks the first decrease in Bitcoin’s mining difficulty since mid-September 2023, as reported by BTC.com. Changes in this metric are significant as they influence the timing of the upcoming halving, anticipated in April 2024. The previous adjustment to this metric was on November 26, 2023, when there was a 5.07% increase from its former level, with the hashrate at that time being 480.85 EH/s.

The forthcoming adjustment in mining difficulty is provisionally set for December 23, 2023. BTC.com predicts a minor reduction of 0.12%.

It’s noteworthy that since mid-September, the average hashrate on the Bitcoin network has been predominantly on the rise. According to an expert from PlanB, this trend is attributed to ETF issuers. The analyst also notes that large corporations purchasing Bitcoin directly from miners tend to affect its price, often leading to a simultaneous increase in the hashrate.

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