Bitcoin mining difficulty drops by 6%, lowest since December 2022

Bitcoin mining difficulty has fallen to its lowest level since December 2022.

According to BTC.com, on May 9, Bitcoin (BTC) mining difficulty dropped by 5.63% to 83.15 T. The same value was seen during the 2022 bear market phase due to a series of bankruptcies, including the collapse of Terra and FTX. .

Source: BTC.com

Since the previous change in value, the average hash rate for a period of about two weeks was 630 EH/s, up from 595 EH/s; This pointed to the possible shutdown of equipment by miners whose operations became unprofitable after the last Bitcoin halving.

The next change of the indicator will occur on May 23. The predicted value is a decrease of 0.19%.

On April 20, the block reward was changed from 6.25 BTC to 3,125 BTC. Immediately after the halving, mining difficulty increased sharply due to high commissions on the Bitcoin network, but miners’ income was largely unaffected by the reward halving.

At the beginning of May, the daily income of Bitcoin miners dropped to October 2023 values. Blockchain.com data shows total miner revenue dropped to $26.38 million on May 3.

Ki Young Ju, founder and CEO of analytics firm CryptoQuant, found no signs of miners surrendering. He assumed that BTC’s profit-making quotes should be $80,000 after the block reward halving.

#Bitcoin Miners’ income dropped to levels seen in early 2023 after the halving.

Now they have two options: 1. Surrender or 2. Wait for the price increase $BTC price.

For now, there is no sign of surrender. pic.twitter.com/8GrYk7zcN1

— Ki Young Ju (@ki_young_ju) 30 April 2024