Bitcoin (BTC) Mining Difficulty Drops Another 5% But Hashrate Picks Up

Published July 18, 2021 | Updated July 18, 2021

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Bitcoin (BTC) Mining Difficulty Drops Another 5% But Hashrate Picks Up

In the latest adjustment on Saturday, July 17, has dropped by another ~5% in its fourth consecutive drop. The previous adjustment saw the highest drop in percentage terms dropping 28% a fortnight back. With the latest drop, the Bitcoin mining difficulty has had a new low since January 2020.

Courtesy: BTC.com

This drop comes as a lot of Chinese miners have been leaving the Bitcoin network over the last few weeks. Fewer people mining the Bitcoin blocks means fewer blocks getting added to the BTC blockchain. As per the data, the current mining interval is 10 minutes.

Interestingly, the drop in Bitcoin mining difficulty also means that a lot more cash is going to Bitcoin miners who remain online. Speaking to CNBC during the last difficulty adjustment, bitcoin mining engineer Brandon Arvanaghi told the publication.

“This will be a revenue party for miners. They suddenly own a meaningfully larger piece of the pie, meaning they earn more bitcoin every day.”

Bitcoin Hashrate Picks Up

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On the other hand, the Bitcoin hashrate has once again picked up after falling under 90m TH/s a fortnight back. From the lowest levels on July 3, the bitcoin hashrate has 100m TH/s as of press time.

It shows that part of the mining machines migrated over the last few weeks from China to overseas are coming online once again. Governments from across North America and Europe are wooing miners with strong incentives and the crypto mining industry takes a turn towards adopting green and sustainable energy solutions.

But Bitcoin price has been reeling under pressure over the last week, especially after its fall under $33,000. At press time, BTC is training at $31,827 with a market cap of $598 billion. The indicator to watch for is the Bitcoin address activity which has been on a steep fall over the last few weeks.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bhushan Akolkar 607 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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