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Bitcoin mining difficulty has decreased by 0.97% to 83.13 T in the latest recalculation, with an average hashrate of 599.71 EH/s since the previous adjustment. The block time remains at 10 minutes and 7 seconds.
Mining Difficulty and Halving Date
The mining difficulty of Bitcoin determines the required hardware capacity for mining BTC. An increase in difficulty brings the halving date of the first cryptocurrency closer, potentially occurring in April 2024.
Market Data
According to Glassnode, the seven-day moving average hashrate peaked at 614.9 EH/s on March 24, correcting to 586.1 EH/s afterwards. The Hashrate Index reports an increase in hash price from $108 to $110 per PH per day over the past 24 hours.
Network Growth and Institutional Funding
Bitcoin mining difficulty hit a historical high of 83.95 T on March 14, marking a 5.79% increase since the last adjustment. The average hashrate in the network reached 600.72 EH/s.
Bitfinex experts suggest that institutional funding of public companies has disadvantaged individual and small miners, potentially impacting network dynamics in the long term. The influx of capital and professionalization of mining operations have led to an increase in hashrate, enhancing network security and stability. Wall Street investor funding in corporate mining has fundamentally altered the network’s incentive structure.
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