Bitcoin Difficulty Reduction Incoming? Miners Prepare for a Shift on Aug. 14 ๐ฝ๐ฐ
Bitcoin miners may soon catch a break as the network's difficulty is expected to decrease by 4% to 5.3% on August 14. ๐๐ง
Key Updates:
- Recent Difficulty Spike: On July 31, Bitcoinโs difficulty surged by 10.5%, reaching a record high of 90.67 trillion after faster block completions. โ๐
- Upcoming Adjustment: Due to slower block times averaging around 10 minutes 32 seconds, a reduction in difficulty is anticipated. This will ease mining operations in a challenging low-revenue environment. ๐๐ฝ
- Current Hashrate: As of August 11, 2024, Bitcoin's total hashrate stands at 618.47 EH/s, and the hashprice is at $42.43 per petahash, significantly lower than pre-halving levels. ๐๐ธ
Miners are watching closely as the difficulty adjustment could impact their operations. What are your thoughts on this upcoming change? Let us know in the comments! ๐ฌ๐