Bitcoin Hashrate Steady Amid Market Volatility and Difficulty Adjustments

• The current Bitcoin mining difficulty is estimated at 82.05 trillion.
• There was a 3.21 percent rise in the Bitcoin hashrate throughout the last week.

Despite the market volatility and the disappointing CrowdStrike failure, the Bitcoin (BTC) mining hashrate has stayed relatively unchanged. This hashrate really saw a significant uptick, which happened to coincide with the current uptick in the price of Bitcoin. The current Bitcoin mining difficulty is estimated at 82.05 trillion, according to a graphic on Coinwarz.

At around 4:30:50 PM UTC on July 31, 2024, Bitcoin will reportedly undergo its next difficulty adjustment. Today, over the course of 1,707 blocks, the difficulty of mining Bitcoin may rise from 82.05 trillion to 88.54 trillion.

Flat Momentum

There was a flat rise of 0.00% in the difficulty of mining Bitcoin in the previous 24 hours. As this statistic was recorded at block 853,077. There was a 3.21 percent rise in the Bitcoin hashrate throughout the last week. In the last 30 days, there was a decline of 1.95 percent. And in the past 90 days, there was a decline of 5.2 percent.

To put it in perspective, the Bitcoin mining difficulty measure indicates how challenging it will be to mine the next block. In order to obtain the mining incentive and solve the next Bitcoin block, it measures the amount of hashes that need to be created.

Moreover, the metric is modified often. An increase in the Bitcoin difficulty is necessary to prevent the rapid generation of blocks caused by an increase in hashing power. A difficulty re-target block, which can be used to raise or lower the difficulty, is included to manage this. At the time of writing, Bitcoin is trading at $66,670, up 0.60% in the last 24 hours as per data from CMC.

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