Bitcoin Difficulty Rises 1.48% Reaching 84.38 Trillion at Block 844,704

Bitcoin Network Difficulty Increases by 1.48%

On May 23, 2024, at block 844,704, the difficulty adjusted from 83.14 trillion to 84.38 trillion. This rise follows a 5.62% decrease on May 9, 2024, coinciding with a hashprice lower than pre-halving levels. Hashprice refers to the estimated value of one petahash per second (PH/s) of hashing power per day.

Prior to the halving, it was just over $100 per PH/s, but it dropped to below $45. On May 23, 2024, with BTC’s value improving, the hashprice was approximately $54.85 at 12 a.m. EDT. As the hashprice decreased, the overall hashrate fell from 645 EH/s to a low of 582 EH/s, according to the seven-day simple moving average (SMA).

When it hit 582 EH/s, BTC’s price was slightly above $60,000. The price is now more than $9,000 higher, which has driven up the hashprice. Consequently, the hashrate has rebounded to over 600 EH/s. The recent increase in Bitcoin’s mining difficulty and overall hashrate indicates a positive trend in the BTC mining ecosystem.

The rise to 84.38 trillion at block height 844,704, following the previous significant drop, suggests a recovering network. Despite the hashprice being lower than pre-halving levels, the current $54.85 per petahash, up from under $45, signals a promising recovery. This, along with the hashrate rebounding to over 600 EH/s, points to a renewed increase in mining profitability.

What do you think about the difficulty rising on Thursday? Share your thoughts and opinions about this subject in the comments section below.