Bitcoin Mining Difficulty Sees Significant 7.48% Drop Amid Market Shifts

On June 29, following another recalibration, the mining difficulty of the first cryptocurrency was adjusted by 7.48%, bringing it down to 116.96 TH.

This marks the second consecutive decrease in the metric, with the current drop being the most significant in recent years.

According to Glassnode, the hash rate (7-day moving average) plummeted to 799 EH/s from nearly record-high levels.

Data from Hashrate Index indicates that the hash price increased over the last 24 hours, rising from $53 to $58 per PH/s daily. This mining profitability metric has returned to levels seen at the end of May.

At the time of writing, the price of the foremost cryptocurrency is approximately $107,000, reflecting a weekly gain of 4.5%.

It’s worth noting that CryptoQuant has highlighted that Bitcoin miners have increased their reserves by 4,000 BTC since April, despite experiencing lower income. At the same time, participants from the «Satoshi Era» have shifted their focus towards accumulation.