The Block Crypto News19 minutes ago

Published on May 23, 2024 10:21 GMT+00:00edited on May 23, 2024 10:24 GMT+00:00

Bitcoin mining difficulty rose 1.5% to 84.4 trillion on Thursday after the network’s seven-day moving average hash rate moved back above 600 EH/s.

The last Bitcoin difficulty adjustment on May 9 saw the metric fall 5.9%, the largest drop since the bear market lows of December 2022. The impact of reduced miner subsidy rewards following Bitcoin’s fourth halving event on April 20 began to take hold after an initial boost in transaction fee rewards stemming from the hype surrounding Runes subsided.

The hash rate remained relatively flat after that drop in the 580-590 EH/s range, with today’s adjustment initially expected to remain unchanged. However, amid renewed optimism for spot Ethereum exchange-traded funds approvals in the United States on Monday and the subsequent price rises across …