From Investing: 2024-05-09 14:30:22

Recent market data reveals a significant drop in Bitcoin (BTC) network’s mining difficulty by over 5.6%, reaching 83.15 trillion. This shift is reflected in the hashrate, now at 646.96 EH/s. Crypto miners have seen enhanced profitability with the decrease in difficulty, especially in the last trailing seven-day period with an average hashrate of 572.18 EH/s.

Bitcoin network difficulty, a measure of mining verification difficulty, adjusts every two weeks. More computers mining Bitcoin increases difficulty, while decreased activity leads to a drop in difficulty. The recent slump in average hashrate bodes well for miners, potentially boosting profitability.

The drop in Bitcoin’s price by 2.29% to $61,135.59 has not deterred long-term traders, who anticipate a rebound from the ATH of $73,750.07. Bullish sentiment is supported by CryptoQuant CEO’s assertion that Bitcoin’s network can handle three times its current valuation, potentially reaching $256,000. Reports of major financial institutions embracing spot Bitcoin ETFs add to the positive outlook.

Read more at Investing.com: It Just Got Easier to Mine Single Bitcoin (BTC), Here’s Reason By U.Today