đđWith Bitcoin, Mining Difficulty Also Decreased Sharply: What Could Be the Effect on the Price? đđ
Bitcoin (BTC) mining difficulty has dropped dramatically after a long period of time.
Bitcoin and other cryptocurrencies, Mt. Gox and miners, according to BTC.com data, Bitcoin mining difficulty decreased by 5% with the last adjustment, continuing its decline that has been going on for 1.5 months. With this decrease, Bitcoin mining difficulty decreased to 79.5 trillion.
This decrease in mining difficulty occurred in parallel with miners shutting down their devices at a level that would not provide profitability. According to QCP Capital's analysis yesterday, this can be interpreted as a bottom signal in the Bitcoin price.
The mining difficulty, which last increased by 1.48% with the adjustment on May 9, had increased only once in the past 5 months. With 13 days until the next adjustment, Bitcoin mining difficulty is expected to increase by 0.04% according to current estimates.
On the other hand, although the Bitcoin hash rate is at a very high level of 568.75 EH/s, it takes more than 10 minutes for Bitcoin miners to create a new block on the blockchain.
This decrease in Bitcoin mining difficulty could increase the profitability of miners and reduce selling pressure, leading to a recovery in prices. But major drawdowns can send investors into a panic, causing prices to fall even further in the short term.
Bitcoin is trading at $54,218 at the time of writing, showing a 7% change in the last 24 hours.
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