Bitcoin mining difficulty hits its lowest level since March, offering relief to major mining firms as BTC price surpasses $57K.
Bitcoin mining difficulty has decreased by over 5% to 79.50 terahashes (T), its lowest level since March. This adjustment comes as Bitcoin's price exceeds $57,000, providing significant relief to large mining operations.
Key Points:
Decrease in Mining Difficulty:
Bitcoin mining difficulty fell by more than 5% on July 5, hitting a quarterly low of 79.50T.
This marks the largest reduction in difficulty since March when it briefly dipped below 80T.
Historical Context:
Bitcoin mining difficulty spiked between March and May, reaching an all-time high of 88.10T.
Difficulty levels have been gradually declining since then.
Hashrate Dynamics:
Mining difficulty is measured in hashrate, representing the computational power required to mine Bitcoin.
Hashrates are updated approximately every two weeks, with a historical trend of month-over-month growth.
Profitability Insights:
According to F2Pool, ASIC rigs with an efficiency rate of 26 watts per terahash (W/T) or better remain profitable as long as Bitcoin's price stays above $54,000.
If Bitcoin's price dips below this threshold, more efficient mining rigs will be required to maintain profitability.
Impact on Mining Firms:
The drop in difficulty and the surge in Bitcoin's price should provide a favorable environment for large mining firms, especially those benefiting from energy subsidies.
The recent drop in Bitcoin mining difficulty, coupled with the price surge above $57,000, offers a much-needed respite for major mining firms. This adjustment ensures that miners can continue operating profitably, fostering stability and growth in the Bitcoin mining industry.\
Source: Cointelegraph
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