The major altcoins trading sideways, Bitcoin price plummeted below $ 10,000

The difficulty of mining Bitcoin (BTC) will decrease in the coming days as the price weakness continues to test the fundamentals of this currency.

According to data from Crypto This – a tool to estimate Bitcoin's mining difficulty, the next Wednesday, the difficulty will be reduced by nearly 13%.

Hash rate returns below 100 million TH / s

Mining difficulty is an index that refers to how much power is needed to solve blocks on the Bitcoin blockchain. When this index drops, it means that miners are struggling, because the reduced competition will make small miners unprofitable and even forced to stop mining.

Facing a decline in mining difficulty, the Bitcoin network's hashrate index also lost its boom this month after reaching an all-time high at the beginning of the month.

Bitcoin hash rate chart. Source: Blockchain
Bitcoin hash rate chart. Source: Blockchain

Hash rate – a measure of computing power specific to the Bitcoin network, appears to have fallen below 100 million TH / s.

According to data from Blockchain, since March 18, this index first approached 80 million TH / s since December 2019.

Reshape the context of BTC mining?

All hash rate data is only a rough estimate, and may not imply that miners have begun to surrender.

However, as Toiyeubitcoin reported, some analysts believe that the sharp fall in prices has caused some miners to “draw power” except for the big miners. In the future, they can avoid the “surrender” situation by increasing the size of the market – this will also minimize the impact of the halving event – which will see the block reward decrease from 12.5 BTC. to 6.25 BTC in May.

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Meanwhile, although the BTC / USD pair has risen significantly during the day when it recorded an 18% increase, concerns about a lower bottom remain.

Veteran Trader Tone Vays said on Wednesday that before May, the price of Bitcoin could drop to as much as $ 2,000.

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According to CoinTelegraph
Translated by ToiYeuBitcoin

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