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Bitcoin mining difficulty decreases by 3% as halving approaches in 50 days

source-logo  cryptoslate.com 01 March 2024 20:04, UTC

Quick Take

Bitcoin’s mining difficulty has seen a downward adjustment of 3%, with the current BTC difficulty standing at 79.35 T, as per data from Newhedge and Coinwarz.

This marks the second negative adjustment this year, in the wake of roughly two of the past 12 months’ highest adjustments at approximately 7% and 8%, respectively. This minor drop in difficulty is primarily due to the rapid increase in the hash rate over the past months, a trend that hasn’t maintained its upswing in the last two weeks.

Using a seven-day moving average, the hash rate currently stands at 582 EH/s, slightly below its all-time peak of 595 EH/s.

As for the Bitcoin halving event, analysis from the Clarkmoody dashboard suggests it will occur on Apr. 20, which is just 50 days away, with just over 7,000 blocks remaining until the event.