Bitcoin Difficulty Takes a Dip: Network’s First Downward Adjustment in 56 Days Signals Easier Mining Ahead

On June 28, 2023, Bitcoin saw its first downward difficulty adjustment in 56 days, or since May 4, with a decline of 3.26%. This modification lowered the network’s difficulty to 50.65 trillion from its record high of 52.35 trillion on June 14.

Bitcoin Mining Gets a Breather: Difficulty Decreases by 3.26% in Recent Adjustment

Today, mining bitcoin (BTC) is now 3.26% less challenging than it was in the previous fortnight or since June 14. This decline of 3.26% happened at block height 796,320 on June 28, reducing the difficulty to the current level of 50.65 trillion. Shortly after the difficulty increase on June 14, the adjustment that took place on June 28 was initially anticipated to be a rise due to soaring hashrates and quicker block intervals.

Nonetheless, following June 19, 2023, this all shifted as a reduced hashrate and slower block intervals resulted in the drop. In fact, as of Thursday, June 29, 2023, the total hashrate dipped below the 300 exahash per second (EH/s) range twice within the last two weeks. With an average hashrate of 360.9 EH/s over these weeks, the upcoming difficulty retarget is set for July 13, 2023.

Currently, the block interval time remains longer than the usual ten-minute average; confirmation of the most recent block took place within a timeframe of ten minutes and fifty-four seconds. This indicates that for now, another decrease could occur on July 13; however, similar to last month, this could rapidly change over the next unmined set of 1,920 blocks.

Today’s leading mining pool is Foundry USA with its contribution of an impressive 117.21 EH/s or about one-third of the total hashrate from the past three days. Other key players in the mining pool territory consist of Antpool, F2pool, Binance Pool, Viabtc, Luxor, and SBI Crypto. Statistics currently show that 41 mining pools are dedicating hashrate toward the Bitcoin network on June 29.

What are your predictions for Bitcoin’s upcoming difficulty adjustment on July 13? Will we see another decrease or a surprising uptick in mining challenges? Share your thoughts and opinions about this subject in the comments section below.