{"id":628410,"date":"2024-07-08T19:00:58","date_gmt":"2024-07-08T19:00:58","guid":{"rendered":"https:\/\/wncen.com\/?p=628410"},"modified":"2024-07-08T13:46:16","modified_gmt":"2024-07-08T13:46:16","slug":"bitcoin-mining-difficulty-5-crash","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-mining-difficulty-5-crash\/","title":{"rendered":"Bitcoin Mining Difficulty Crashes 5% To Lowest Level In 3 Months, What Happens Next?"},"content":{"rendered":"

Recent data shows that the <\/span>Bitcoin mining difficulty<\/span><\/a> is on the decline and has hit its lowest since May. This is significant considering what this could mean for the Bitcoin ecosystem, specifically <\/span>Bitcoin\u2019s price<\/span><\/a>.<\/span><\/p>\n

Bitcoin Mining Difficulty Drops To 79.5 T<\/h2>\n

Data<\/span><\/a> from CoinWarz shows that <\/span>Bitcoin mining difficulty<\/span><\/a> has dropped to 79.5 T at block 851,204 and hasn\u2019t changed in the last 24 hours. This mining difficulty has continued to fall for a while, with further data from CoinWarz showing that it is down 5% in the last seven and 30 days.\u00a0<\/span><\/p>\n

Related Reading: Finance CEO Raoul Pal Says Crypto Will Reach $100 Trillion Market Cap \u2013 Here\u2019s When<\/a><\/div>\n

Bitcoin mining difficulty refers to how hard it is for <\/span>miners<\/span><\/a> to mine a new block on the <\/span>Bitcoin network<\/span><\/a>. The difficulty usually reduces when there is less computational power on the power and increases when miners are mining faster than the block average time of ten minutes. The recent drop in mining difficulty suggests that more miners are leaving the Bitcoin network.<\/span><\/p>\n

This is most likely due to the effects of the Bitcoin halving, which cut <\/span>miners\u2019 rewards<\/span><\/a> in half. This has reduced the revenue from their mining operations, with many miners struggling to stay afloat, especially with increased competition. Bitcoin\u2019s price action since the <\/span>halving<\/span><\/a> has also not helped, as the drop in the flagship crypto\u2019s price has also affected their income.\u00a0<\/span><\/p>\n

Bitcoin miner f2pool recently highlighted the profitability of various categories of miners at Bitcoin\u2019s current price. The mining firm <\/span>noted<\/span><\/a> that only ASICs with a Unit Power of 26 W\/T or less can make a profit at Bitcoin\u2019s current price range.\u00a0<\/span><\/p>\n

\"Bitcoin
Source: CoinWarz<\/figcaption><\/figure>\n

Crypto analyst James Van Straten also <\/span>recently highlighted<\/span><\/a> how \u201cweak and inefficient miners\u201d continue to be purged from the Bitcoin network. He claimed that the recent drop in mining difficulty shows that <\/span>miner capitulation<\/span><\/a> is closer to ending. Due to the low profitability that miners have faced since the halving, some have had to offload a significant amount of their Bitcoin reserves to meet operational costs, and others have had to exit the Bitcoin ecosystem entirely.\u00a0<\/span><\/p>\n

What This Means For Bitcoin\u2019s Price<\/h2>\n

The decline in mining difficulty suggests that miner capitulation might be ending soon, which is a positive for Bitcoin\u2019s price considering the <\/span>selling pressure<\/span><\/a> these miners have put on it. Bitcoinist <\/span>reported<\/span><\/a> that Bitcoin miners sold over 30,000 BTC ($2 billion) last month, which ultimately caused the flagship crypto to experience significant price crashes.<\/span><\/p>\n

Related Reading: Shiba Inu Sees Sharp 100% Decline In Whale Activity, Is This Good Or Bad For Price?<\/a><\/div>\n

Crypto expert Willy Woo also <\/span>attributed<\/span><\/a> Bitcoin\u2019s tepid price action to these miners and mentioned that the flagship crypto will only recover when the \u201c<\/span>weak miners<\/span><\/a> die and hash rate recovers.\u201d He stated that Bitcoin would have to shed weak hands for this to happen, with inefficient miners going into bankruptcy while other mines are forced to buy more efficient hardware.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC price above $57,000 | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Recent data shows that the Bitcoin mining difficulty is on the decline and has hit its lowest since May. This is significant considering what this could mean for the Bitcoin ecosystem, specifically Bitcoin\u2019s price. Bitcoin Mining Difficulty Drops To 79.5 T Data from CoinWarz shows that Bitcoin mining difficulty has dropped to 79.5 T at block 851,204 and hasn\u2019t changed in the last 24 hours. This mining difficulty has continued to fall for a while, with further data from CoinWarz showing that it is down 5% in the last seven and 30 days.\u00a0 Related Reading: Finance CEO Raoul Pal Says Crypto Will Reach $100 Trillion Market Cap \u2013 Here\u2019s When Bitcoin mining difficulty refers to how hard it is for miners to mine a new block on the Bitcoin network. The difficulty usually reduces when there is less computational power on the power and increases when miners are mining faster than the block average time of ten minutes. The recent drop in mining difficulty suggests that more miners are leaving the Bitcoin network. This is most likely due to the effects of the Bitcoin halving, which cut miners\u2019 rewards in half. This has reduced the revenue from their mining operations, with many miners struggling to stay afloat, especially with increased competition. Bitcoin\u2019s price action since the halving has also not helped, as the drop in the flagship crypto\u2019s price has also affected their income.\u00a0 Bitcoin miner f2pool recently highlighted the profitability of various categories of miners at Bitcoin\u2019s current price. The mining firm noted that only ASICs with a Unit Power of 26 W\/T or less can make a profit at Bitcoin\u2019s current price range.\u00a0 Crypto analyst James Van Straten also recently highlighted how \u201cweak and inefficient miners\u201d continue to be purged from the Bitcoin network. He claimed that the recent drop in mining difficulty shows that miner capitulation is closer to ending. Due to the low profitability that miners have faced since the halving, some have had to offload a significant amount of their Bitcoin reserves to meet operational costs, and others have had to exit the Bitcoin ecosystem entirely.\u00a0 What This Means For Bitcoin\u2019s Price The decline in mining difficulty suggests that miner capitulation might be ending soon, which is a positive for Bitcoin\u2019s price considering the selling pressure these miners have put on it. Bitcoinist reported that Bitcoin miners sold over 30,000 BTC ($2 billion) last month, which ultimately caused the flagship crypto to experience significant price crashes. Related Reading: Shiba Inu Sees Sharp 100% Decline In Whale Activity, Is This Good Or Bad For Price? Crypto expert Willy Woo also attributed Bitcoin\u2019s tepid price action to these miners and mentioned that the flagship crypto will only recover when the \u201cweak miners die and hash rate recovers.\u201d He stated that Bitcoin would have to shed weak hands for this to happen, with inefficient miners going into bankruptcy while other mines are forced to buy more efficient hardware.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":628435,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,640,17030,656,679,1119,89185,1122,1144,78790],"class_list":["post-628410","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-mining","tag-bitcoin-mining-difficulty","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Mining Difficulty Crashes 5% To Lowest Level In 3 Months, What Happens Next?<\/title>\n<meta name=\"description\" content=\"Recent data shows that the Bitcoin mining difficulty is on the decline and has hit its lowest level since May.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Mining Difficulty Crashes 5% To Lowest Level In 3 Months, What Happens Next?","url":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-mining-difficulty-5-crash\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-mining-difficulty-5-crash\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/Bitcoin-mining.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/Bitcoin-mining.jpeg?fit=1792%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin mining","bitcoin mining difficulty","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt"],"dateCreated":"2024-07-08T19:00:58Z","datePublished":"2024-07-08T19:00:58Z","dateModified":"2024-07-08T19:00:58Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Mining Difficulty Crashes 5% To Lowest Level In 3 Months, What Happens Next?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-mining-difficulty-5-crash\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-mining-difficulty-5-crash\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/Bitcoin-mining.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/Bitcoin-mining.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin mining\",\"bitcoin mining difficulty\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2024-07-08T19:00:58Z\",\"datePublished\":\"2024-07-08T19:00:58Z\",\"dateModified\":\"2024-07-08T19:00:58Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/Bitcoin-mining.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/628410","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=628410"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/628410\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/628435"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=628410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=628410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=628410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}