According to PANews, data from BTC.com indicates that the difficulty of Bitcoin mining has undergone an adjustment at block height 850,752, which occurred on July 5, 2024, at 11:21:13. This adjustment has resulted in a 5% decrease in mining difficulty, bringing it down to 79.50 T. The current average network hash rate stands at 586.16 EH/s.
This adjustment in mining difficulty is a significant event in the Bitcoin network as it directly impacts the effort required to mine new blocks. The decrease in difficulty suggests that fewer miners are competing to solve the mathematical problems necessary to add new blocks to the blockchain. This could be due to a variety of factors, including market conditions, the cost of electricity, and the availability of mining hardware.
The network hash rate, which is the measure of the processing power of the Bitcoin network, is currently at 586.16 EH/s. This figure represents the number of times the network can attempt to solve the aforementioned mathematical problems per second. The hash rate is a key indicator of the health and security of the Bitcoin network. A higher hash rate suggests a more secure network, as it would require a significant amount of computational power to launch a successful attack.