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Bitcoin mining difficulty just fell by a record 28%


07 Jul 2021

#Bitcoin

Bitcoin (BTC) has recorded its biggest mining difficulty drop of nearly 28% on July 3, but one model suggests that the BTC price will not bottom until October. In a series of tweets on July 2, investment manager Timothy Peterson flagged the relationship between Bitcoin price and hash rate as arguable evidence that the dip is not over.

Bitcoin mining difficulty dropped by an estimated 27.94% on Saturday at block height 689,472, the biggest in its history. As Cointelegraph previously explained, the drop is in response to the ongoing miner migration out of China and the subsequent loss of hash rate. For miners still at work, the decrease will be something of a profit boost — difficulty automatically accounts for changes in hash rate, making it more attractive to mine when it drops.

Miners in flux are not expected to return to their craft completely for several months. In that time, difficulty will likely increase again as hash rate goes up — more competition and more power competing for the same set reward. It is a classic mantra among Bitcoiners that “price follows hash rate” — but if that is true, one model charting the phenomenon is painting a sobering picture of future price behavior. Peterson noted that the relationship between price and hash rate is “useful” when it comes to marking macro price tops.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 83.2% 20 $19 940.57 3.80% -1.66% $382 236 859 011 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 63.6% 82 $1 349.46 4.24% -3.17% $165 508 092 492 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.2% 1 $1.000154 0.01% 0.01% $67 959 858 423 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 92.8% 1 $0.999970 0% -0.01% $47 232 999 984 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 85.6% 15 $291.87 2.18% 2.56% $47 090 040 247 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 60% 86 $0.470970 5.78% -0.24% $23 501 695 248 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 92.4% 1 $0.999720 -0.07% -0.07% $21 036 338 983 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 78.4% 46 $0.431681 2.42% -5.35% $14 786 421 309 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 87.6% 22 $33.62 3.77% -3.47% $11 939 451 332 SOL 7 days price change
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11 Dogecoin (DOGE) DOGE Dogecoin predictions 88.8% 14 $0.060668 0.97% -2.90% $8 048 894 841 DOGE 7 days price change
12 Polygon (MATIC) MATIC Polygon predictions 69.2% 61 $0.828976 7.27% 6.49% $7 240 542 782 MATIC 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 66.4% 68 $6.44 2.68% -4.41% $7 236 548 542 DOT 7 days price change
14 Dai (DAI) DAI Dai predictions 91.6% 1 $1.000031 0.04% 0.01% $6 786 897 014 DAI 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 93.6% 5 $0.061359 0.11% 1.47% $6 238 726 805 WTRX 7 days price change

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