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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 88% 10 $26 910.25 -0.86% 2.17% $521 785 672 856 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 91.2% 5 $1 862.87 -0.41% 3.54% $224 002 329 553 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.2% 1 $1.000212 0% 0.03% $83 239 984 278 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 92.4% 1 $304.68 -0.76% -0.14% $47 486 406 280 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 92% 1 $1.000091 0.01% 0.01% $28 855 697 680 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 80.4% 37 $0.505161 -1.36% 12.19% $26 259 970 576 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 87.6% 10 $0.364194 -2.76% 1.76% $12 704 414 435 ADA 7 days price change
8 Lido stETH (STETH) STETH Lido stETH predictions 93.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
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10 Polygon (MATIC) MATIC Polygon predictions 82% 35 $0.892390 0.53% 0.66% $8 280 905 680 MATIC 7 days price change
11 Solana (SOL) SOL Solana predictions 84.4% 29 $20.69 0.24% 6.90% $8 206 745 380 SOL 7 days price change
12 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 77.6% 37 $0.074737 -0.93% -3.66% $7 598 955 691 WTRX 7 days price change
13 Litecoin (LTC) LTC Litecoin predictions 76.8% 37 $92.49 3.71% 9.07% $6 756 355 058 LTC 7 days price change
14 TRON (TRX) TRX TRON predictions 78.4% 35 $0.074742 -0.87% -3.56% $6 743 274 710 TRX 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 91.6% 10 $5.23 -1.84% -0.73% $6 251 388 649 DOT 7 days price change

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