Categories: Bitcoin

Bitcoin miners look to go through the next Difficulty Adjustment

Bitcoin miners look to go through the next Difficulty Adjustment

Bitcoin Miners are looking at the potential decrease in difficulty. It is anticipated that the next adjustment will happen on February 29, 2024. The initial was on January 20, 2024, with a drop of 3.9% at the block height of 826,560. Increases in prior and subsequent adjustments have been 1.65%, 7.33%, and 8.24%.

The upcoming adjustment could be a reduction in the range of 2.5% to 3%. This is based on the grounds that the block interval time has exceeded the limit of 10 minutes. Every block ranged from 10:08 to 10:21. 

There were also fluctuations in the hash rate. The last reported total hash rate was 577 EH/s. That is a slip from 609 EH/s as of February 8, 2024. The community marked that as an achievement before experiencing an increase of 8.24% in difficulty.

A reduction in difficulty on Thursday, February 29, 2024, that is, would mark the second reduction this year.

Foundry USA, which accounts for 30.41% of the total piece, dominates the hash rate landscape at 178.07 EH/s. Antpool follows it for 139.82 EH/s, making up 23.877% of the total. BTC Chain sees hashrate from 52 mining pools delivered by Bitcoin mining platforms. The top two pools are the likes of Viabtc, F2pool, and Mara Pool.

The earnings structure for miners may remain the same effective January this year. This is evident from the fact that the figures for February are $1.14 billion in earnings. It is lower than January’s $1.35 billion, not negating the belief that earnings would differ by a huge amount.

Hashing is likely to mark an increase as the value of BTC continues to climb on the trading board.

It was last seen exchanging hands at $56,249.67. That is a surge of 9.71% in the past 24 hours. Most of it is credited to the upcoming Bitcoin halving process and the month-ago approval of Spot Bitcoin ETF applications. Also, there is an influx of inflow via ETF. Players like MicroStrategy are accumulating tokens in their portfolios. This instills a sense of optimism among crypto enthusiasts—BTC holders- specifically.

BTC is now looking to test the resistance of $60,000 by the end of this year. That could happen if Bitcoin Halving goes as planned, significantly upsetting the token’s price. It does carry the historical context. Thereby, it is often linked to the price hike every four years. That would simultaneously affect peta hash per second, or PH/s, of hashing power per day.

On February 29, 2024, the community would eventually draw a clearer picture of what happens to adjustment.

Trevor Holman: Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.