Bitcoin Mining Hash Rate Stable Amid Market Fluctuations

• Bitcoin mining hash rate increases despite market fluctuations.
• Next Bitcoin difficulty adjustment projected on July 31, 2024.
• Bitcoin’s current trading value rises to $66,670.

Despite fluctuations in the market and the unfortunate setback with CrowdStrike, the Bitcoin mining hash rate has remained fairly stable. In fact, this hash rate has experienced a notable increase, which coincided with the recent rise in Bitcoin’s price. The current difficulty level for Bitcoin mining is 82.05 trillion, as shown on a Coinwarz chart.

The next difficulty adjustment for Bitcoin is expected to occur at precisely 4:30:50 PM UTC on July 31, 2024. Over the span of 1,707 blocks mined today, it is projected that the difficulty for mining Bitcoin could escalate from 82.05 trillion to 88.54 trillion.

Stagnant Growth

In the past 24 hours, the Bitcoin mining difficulty has seen a negligible growth of 0.00%, as recorded at block 853,077. Over the previous week, the Bitcoin hash rate increased by 3.21%. However, it has decreased by 1.95% over the last month and 5.2% over the past three months.

The Bitcoin mining difficulty metric indicates how difficult it is to mine the upcoming block. It calculates the number of hash computations required to mine a new block and earn the mining reward.

This metric is adjusted periodically. Increasing the Bitcoin mining difficulty is necessary to counteract the too-quick mining of blocks due to rising hashing power. A difficulty re-target block is implemented to manage this, which can either increase or decrease the difficulty level. At the moment of this report, Bitcoin’s trading value is $66,670, which is a 0.60% increase over the last 24 hours, according to CoinMarketCap data.