{"id":14982,"date":"2024-07-05T14:11:43","date_gmt":"2024-07-05T11:11:43","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-mining-difficulty-decreases-by-5\/"},"modified":"2024-07-05T14:11:43","modified_gmt":"2024-07-05T11:11:43","slug":"bitcoin-mining-difficulty-decreases-by-5","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-mining-difficulty-decreases-by-5\/","title":{"rendered":"Bitcoin Mining Difficulty Decreases by 5%"},"content":{"rendered":"

The latest recalibration has seen the difficulty of mining the premier cryptocurrency drop by 5%, settling at 79.5 T.<\/p>\n

\"photo_2024-07-05_09-49-46\"
Data: BTC .com<\/a>.<\/figcaption><\/figure>\n

The average hash rate since the previous adjustment was 568.75 EH\/s, with the interval between blocks increasing to 10.5 minutes.<\/p>\n

According to Glassnode<\/a>, the network’s computational power, smoothed by a 7-day moving average, has decreased to 580 EH\/s. This marks an 11.5% decline from the peak of 656 EH\/s reached in May.<\/p>\n

\"glassnode-studio_bitcoin-mean-hash-rate-7d-moving-average-15\"
Data: Glassnode.<\/figcaption><\/figure>\n

Data from Hashrate Index<\/a> indicates that as of July 4, the hash price was $44.9 per PH\/day. This figure is close to the historically low levels recorded in May.<\/p>\n

\"Bitcoin-Network-Data-Google-Chrome-6\"
Data: Hashrate Index.<\/figcaption><\/figure>\n

In recent weeks, several experts, including on-chain analyst Ali Martinez and specialists from CryptoQuant, have suggested that miners are capitulating. Cryptocurrency miners are shutting down equipment that has become unprofitable following the April halving<\/a> and are selling bitcoin reserves to sustain operations.<\/p>\n

The Hash Ribbons indicator also signaled this trend. Its creator, Charles Edwards, founder of Capriole Investments, noted that miner capitulation is often accompanied by a price drop, historically providing a buying opportunity for the cryptocurrency.<\/p>\n

James Check, an analyst at Glassnode, offered a different perspective, arguing that only about 5% of the mining power is facing difficulties, and there is no widespread sell-off.<\/p>\n","protected":false},"excerpt":{"rendered":"

The latest recalibration has seen the difficulty of mining the premier cryptocurrency drop by 5%, settling at 79.5 T. Data: BTC .com. The average hash rate since the previous adjustment was 568.75 EH\/s, with the interval between blocks increasing to 10.5 minutes. According to Glassnode, the network’s computational power, smoothed by a 7-day moving average, […]<\/p>\n","protected":false},"author":1,"featured_media":14981,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,1279],"class_list":["post-14982","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-hashrate-2"],"aioseo_notices":[],"amp_enabled":true,"views":"12","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/14982","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=14982"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/14982\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/14981"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=14982"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=14982"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=14982"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}