One of the most important members of the Bitcoin network may have reason to rejoice in the coming weeks as the energy requirement to mine blocks decreased by 7.8% over the weekend.

Data tracked by Coinwarz shows that Bitcoin mining difficulty dropped from 83.6 terahashes per second (TH/s) to 79.50 TH/s today, reaching the same level as in March, a months before the April halving. A terahash measures the number of hashes – or digital guesses for a calculation – per second that a mining device, mining pool, or network can produce.

Bitcoin difficulty in the past 1 year | Source: Coinwarz

Mining difficulty, also known as diff to miners, is adjusted every two weeks and can go up or down. This is due to Bitcoin's inherent structure, which keeps miners in check by checking block generation rates, i.e. whether they are mining too fast or too slow.

This is one of the biggest difficulty drops since the collapse of crypto exchange FTX in 2022, which caused bitcoin prices to drop more than 10% in a week, crypto analysts CryptoQuant noted. idea.

“The network hashrate experienced a 7.8% drop, equivalent to what it was after the collapse of FTX in December 2022,” Julio Moreno, head of research at CryptoQuant, told CoinDesk in a text message. Telegram. “Miners' profits have been affected as daily revenue decreased from $78 million before the halving to $26 million currently.”

“Mining difficulty has decreased since early May due to lower network hash rate as some miners turned off their equipment to avoid capital losses,” Moreno added. These downward adjustments mean a corresponding decrease in the network's hashing power – or the amount of power available on the Bitcoin network. This reduction could benefit smaller miners and benefit mining farms that have had to close due to being unable to keep up with costs.

Miners are entities that use massive computing power to solve complex encryption and produce blocks on the Bitcoin blockchain. Each block rewards miners with 6.25 BTC, which they typically sell to fund or expand operations.

Miners were the main source of Bitcoin selling pressure in June with more than $1 billion in BTC sold in two weeks as prices fluctuated between $65,000 and $70,000. Selling pressure from Mt. Gox bankruptcy and the German government have continued to shake up the markets – with BTC falling as low as $53,500 last week.

Bitcoin Magazine has reported previously that Bitcoin's hash rate and difficulty may decrease during the summer months in North America as miners reduce some of their activity. Lower competition could bring comfort to miners who have faced reduced profits due to the halving event.

Meanwhile, at current prices, only a handful of the most popular miners remain profitable for miners, creating a scenario that could mark a “local bottom” for BTC.

Source: https://tapchibitcoin.io/do-kho-khai-thac-bitcoin-ftx-sup-do.html