Bitcoin’s imminent difficulty change appears to be heading towards a possible decrease, marking the first time in over 73 days, ever since February 12, 2023. The network has witnessed a notable difficulty upswing of approximately 22.62% since block height 778,176. Consequently, with the current block times in place, the mining participants of the network may finally see a drop.

Bitcoin Difficulty Expected to Drop 1-4% Lower; BTC Price Spikes 6% Higher

Present data suggests that the decline in Bitcoin’s difficulty level could potentially take place around May 4, 2023. The hashrate of the network currently stands at 332 exahash per second (EH/s) after experiencing a dip to 290 EH/s on Tuesday. According to statistics obtained from three data points (1, 2, 3), the block intervals, i.e., the time between each block discovered, indicate that blocks are being found over the ten-minute average.

Presently, the estimations for the next difficulty drop hover around -1% to -4%. However, with over a week, or more than a thousand blocks, yet to go before the next difficulty adjustment, the exact figures remain uncertain. Nonetheless, a reduction after the five consecutive increases and the 22%+ surge in difficulty in the last two months will undoubtedly give miners a much-needed respite. Moreover, the price of bitcoin has also been on an upward trajectory, providing miners with a higher daily revenue until the next retarget.

On April 26, Bitcoin’s value spiked 6% higher, surging above the $29K range. This notable increase has come as a breath of fresh air for the miners who had been bracing themselves through five back-to-back difficulty increases.

Over the past three days, Foundry USA has contributed a substantial hashpower of 110.30 EH/s, which accounts for 32.68% of the total hashrate. Following behind, Antpool has produced 79.62 EH/s or 23.59% of the total hashrate, securing its position as the second-largest mining pool. Foundry and Antpool’s hashrates are followed by F2pool, Viabtc, and Binance Pool, respectively.

Tags in this story
Antpool, Binance Pool, Bitcoin, Cryptocurrency, difficulty, Difficulty Adjustment, F2Pool, Foundry USA, Hashpower, market surge, mining, Network Security, ViaBTC

What do you think about the difficulty possibly declining during the next retarget? Share your insights in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Articles You May Like

Miami-Dade County bringing $923 million in airport bonds
Anti-Biden rebellion escalates ahead of high-stakes press conference
Democrats in disarray over Biden: ‘We’re totally, totally screwed’
IPO Basics: What is an IPO (Initial Public Offering) Definition
Russia believed to be behind plot to kill Europe’s top defence boss