The level of difficulty for mining Bitcoin fell by over 5% on July 5, reaching its lowest point in the last three months at 79.50 terahashes (79.5T). This was the biggest drop since early March when the difficulty briefly fell below 80T.
Between March and May, the difficulty level soared to a record high of 88.10T before starting to decrease, settling at its current level as of the date this article was written.
Mining Difficulty
The measure of difficulty for mining Bitcoin is known as hashrate, which indicates the number of attempts a mining rig should make to crack the cryptographic code needed to claim one of the remaining bitcoins.
Hashrates are updated every 2,016 blocks, which equates to about two weeks. Throughout Bitcoin's existence, hashrates have generally increased each month, with a few notable exceptions.
In 2014, the hashrate was around 1.1 gigahashes, which was low enough that the majority of home computers could mine Bitcoin. The higher the hashrate, the more powerful and energy-efficient a mining setup needed to be to make a profit.
By the end of 2017, as more people started using Bitcoin, the hashrate hit the terahash level for the first time. As of July 6, 2024, it's still at 79.5T until the next update to the difficulty level.
With the current difficulty level of 79.5T, F2Pool, a mining pool, believes that a specialized mining rig with an efficiency of at least 26 watts per terahash or better would be profitable as long as the price of Bitcoin stays above $54,000.
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