đ„đ„đ„ #Bitcoinâs Network Strengthens: Mining Difficulty And Hash Rate Spike Amid $ETH ETF Buzz
Bitcoin's mining difficulty has risen by nearly 2%, reaching over 84.4 trillion, as the networkâs hash rate surged past 600 EH/s. This comes amid speculation about potential approval of spot Ethereum ETFs in the U.S. Mining difficulty adjusts every 2,016 blocks (approximately every two weeks) to maintain a 10-minute interval between blocks, ensuring network stability and security.
Recent Shifts in Bitcoin Mining
- This adjustment follows a nearly 6% drop in difficulty earlier this month, the largest since December 2022. The hash rate's rebound from 580-590 EH/s to over 600 EH/s corresponds with a broader market rally driven by regulatory expectations for Ethereum products.
- Bitcoinâs mining difficulty mechanism self-regulates new block production, increasing difficulty as more miners join and decreasing it when fewer participate, ensuring a steady introduction of new BTC. The recent difficulty increase coincides with a slight recovery in Bitcoinâs hash price, which had reached an all-time low in April. The hash price, measuring expected earnings per unit of hash rate daily, has rebounded from less than $50 per PH/s per day to around $54.6, providing minor relief to miners.
Bitcoinâs Price Movements and Outlook
- Bitcoinâs price has dipped 2% in the last 24 hours but remains up 3.9% for the week, trading at $68,132. The market is watching for the US SECâs decision on spot Ethereum ETFs, which could impact the entire crypto market. Analyst BitQuant predicts Bitcoin could reach $95,000, with a rise to $80,000 expected in May, followed by a sharp decline in June, while maintaining the overall timeline for this peak remains unchanged.
Source - newsbtc.com
