- Bitcoin miners face two upcoming difficulty adjustments before the halving event, with the network’s hashrate recovering.
- Current indicators suggest a potential decrease in difficulty around March 28, 2024.
- Despite exceeding average block intervals, a downward adjustment could offer relief to miners.
- Foundry USA and Antpool lead in block discoveries this week, with March earnings on track to surpass February’s.
- Fee contributions show a decline from the beginning of March but have increased over the past 90 days, albeit lower than previous months.
Rising Hashprice and Impending Difficulty Adjustments Pre-Halving
As the Bitcoin network gears up for its imminent halving event, miners are navigating through two impending difficulty adjustments with less than 4,300 blocks remaining. Recent data indicates a rebound in the total hashrate following a minor dip, positioning miners favorably amidst the upcoming changes. The network’s resilience, with Bitcoin maintaining its value above the $60,000 mark, has propelled the overall hash price beyond $95 per petahash per second (PH/s) since February 28, 2024. Projections suggest the next difficulty retarget, expected around March 28, 2024, might witness a decrease given the current block intervals surpassing the average ten-minute mark.
Miners Anticipate Earnings Surge Despite Fluctuating Metrics
With the hashprice hovering around $104.79 and the total hashrate at 610 exahash per second (EH/s) as of March 21, 2024, miners are keenly observing the approaching adjustments. Recent trends indicate a potential decrease in difficulty ranging from 0.13% to 2.1%, offering a glimmer of relief after a 5.79% increase in the previous retarget. Foundry USA and Antpool lead the pack in block discoveries this week, with a collective anticipation among miners as March’s earnings stand on the brink of surpassing February’s total. Despite fee contributions showing a decline since the start of the month, there’s a notable 4.54% increase over the past 90 days, albeit remaining lower than previous months. As miners continue to navigate through fluctuations in metrics and impending adjustments, the Bitcoin network marches forward towards its next chapter amidst a dynamic landscape of challenges and opportunities.