Bitcoin mining difficulty declined for first time since September

11 December 2023

in Mining

Reading Time: 2 mins read

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On Dec. 10, 2023, Bitcoin (BTC) mining difficulty decreased by 0.96% with an average hashrate at 462.60 EH/s.

The decrease in mining difficulty occurred against the backdrop of a drawdown in the Bitcoin price. On the night of December 11th, the price dropped to $40,500.

This is the first reduction in mining difficulty since mid-September 2023, according to BTC.com. A change in this indicator directly affects the date of the halving, which is expected in April 2024.

Source: BTC.com

The last change in the indicator occurred on Nov. 26, 2023. It showed an increase of 5.07% compared to the previous value. The hash rate was 480.85 EH/s.

The next change in mining difficulty will tentatively take place on Dec. 23, 2023. The forecast is a reduction of 0.12%, according to BTC.com.

It is noteworthy that since mid-September, the average hashrate on the Bitcoin network has been growing almost constantly. A PlanB expert stated that this is due to ETF issuers.

IMO ETFs like BlackRock are currently front-loading BTC … through miners instead of exchanges. Buying BTC directly on exchanges would impact price too much. Buying indirectly from miners would impact hashrate but not so much price. Might explain current hashrate explosion. https://t.co/TjiRsEenta

— PlanB (@100trillionUSD) November 27, 2023

According to the analyst, large companies who buy Bitcoins directly from miners have an impact on price, transactions often mired in a corresponding increase in hashrate.

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