On February 23, as a result of another recalculation, the mining difficulty of the first cryptocurrency fell by 3.15% — to 110.57 T.
The indicator adjusted for the second time since the beginning of the year, rolling back from the historical maximum of 114.17 T.
According to Glassnode, on February 7, the hash rate smoothed by a seven-day moving average reached a peak of 844.95 EH/s. At the time of writing, it dropped to 754.8 EH/s.
Bitcoin Mining Difficulty and Hash Rate. Source: CloverPool.
Bitcoin mining difficulty is an indicator reflecting how difficult it is to perform calculations to find a new block and receive a mining reward. The main goal of this adjustment is to maintain the average block finding time at around 10 minutes, regardless of changes in the network's total computing power.
Approximately once every 14 days (every 2016 blocks), this value changes regardless of the network's hash rate.
If the block finding time is less than 10 minutes, the difficulty increases, if it takes more time, the difficulty decreases. Mining difficulty depends on the network's hash rate and the time taken to find previous blocks. The higher the mining difficulty, the lower the profitability indicator.
The next difficulty recalculation is expected to occur in 14 days, approximately on March 10, 2025.
According to Hashrate Index, after the reduction in mining difficulty, the hash price rose to levels above $56 per PH per day. The indicator represents the amount that a Bitcoin miner can earn for each 1 PH/s (petahash per second, 1 exahash = 1000 petahashes) of computing power per day. The price of Bitcoin is holding in the range of $90,000-100,000, but mining profitability is still roughly half of the values before the halving in April 2024.
The next recalculation is expected to occur approximately on March 10, 2025.