Miners of Bitcoin are anticipating a possible drop in difficulty. The following modification is expected to take place on February 29, 2024. The first occurred on January 20, 2024, at a block height of 826,560, with a 3.9% decline. Adjustments made earlier and later have increased by 1.65%, 7.33%, and 8.24%.
The next change can be a decrease of between 2.5% and 3%. The rationale for this is that the block interval time has gone beyond the allotted ten minutes. The intervals for each block were 10:08–10:21. Additionally, there were variations in the hash rate. 577 EH/s was the most recent total hash rate provided. As of February 8, 2024, that is a decrease from 609 EH/s. That was considered an accomplishment by the community prior to an 8.24% rise in difficulty.
That would make Thursday, February 29, 2024, the second reduction in difficulty this year.
At 178.07 EH/s, Foundry USA, which makes up 30.41% of the total piece, leads the hash rate market. Antpool, which accounts for 23.877% of the total, follows it at 139.82 EH/s. Hashrate from 52 mining pools is sent to BTC Chain via Bitcoin mining platforms. The likes of Viabtc, F2pool, and Mara Pool are the top two pools.
With effect from January of this year, the miners’ pay structure might stay the same. The fact that the earnings for February total $1.14 billion makes this clear. Even though it is less than January’s $1.35 billion, the expectation that earnings would vary significantly remains.
As Bitcoin’s value rises on the trading board, hashing is probably going to increase.
The last time it was observed was at $56,249.67. That represents a 9.71% increase in the last day. The majority of it is attributable to the impending Bitcoin halving procedure as well as the approval of Spot Bitcoin ETF applications one month ago. Additionally, there is an ETF inflow of funds. Tokens are being added by players such as MicroStrategy to their portfolios. This gives cryptocurrency enthusiasts—BTC holders in particular—hope.
By year’s end, Bitcoin is now aiming to test the resistance of $60,000. If the predicted Bitcoin Halving occurs, the price of the token could be drastically disrupted. The historical context is present. As a result, it is frequently associated with the four-year price increase. This would have an impact on hashing power per day in terms of peta hash per second, or PH/s.
The community would finally provide a clearer image of what transpires with adjustment on February 29, 2024.