Bitcoin mining just got a bit easier with its difficulty dropping to levels not seen since December 2022. According to BTC.com, on May 9, the difficulty of mining Bitcoin (BTC) fell by 5.63% to 83.15 T. This drop echoes the challenges faced during the 2022 bear market, marked by a wave of bankruptcies including the collapses of Terra and FTX.
Over the past two weeks, the average hashrate stood at 595 EH/s, compared to 630 EH/s previously, indicating that some miners may have powered down their rigs as mining became less profitable following the recent Bitcoin halving.
The next adjustment is set for May 23, with a predicted decrease of 0.19%.
On April 20, the block reward was halved from 6.25 BTC to 3.125 BTC. Immediately post-halving, mining difficulty spiked due to higher transaction fees on the Bitcoin network, but miners’ earnings remained largely stable.
In early May, daily revenue for Bitcoin miners dipped to levels not seen since October 2023, hitting $26.38 million on May 3, according to Blockchain.com data.
Ki Young Ju, founder and CEO of analytics firm CryptoQuant, noted no signs of miners giving up. He suggested that Bitcoin‘s post-halving profitability threshold should be around $80,000.
Summary Review: The recent drop in Bitcoin mining difficulty, reaching its lowest point since December 2022, signifies a shift in the landscape of cryptocurrency mining. With miners adapting to the challenges posed by halving rewards and fluctuating market conditions, the industry demonstrates resilience and adaptability. As Bitcoin continues to evolve, it remains to be seen how miners will navigate future changes and opportunities in this dynamic ecosystem.
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