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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 Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 82.8% 24 $48 068.38 -0.43% 2.90% $904 552 592 109 $30 966 097 189
2 Ethereum (ETH) ETH Ethereum predictions 71.6% 52 $3 564.24 -1.78% 3.14% $418 997 277 161 $18 764 428 420
3 Cardano (ADA) ADA Cardano predictions 66.4% 64 $2.43 -1.86% -4.99% $77 762 171 546 $3 085 080 557
4 Binance Coin (BNB) BNB Binance Coin predictions 63.6% 70 $423.38 -1.83% -1.23% $71 186 613 232 $1 670 523 937
5 Tether (USDT) USDT Tether predictions 95.2% 1 $1.000511 0.01% 0.05% $68 288 855 645 $74 100 163 467
6 XRP (XRP) XRP XRP predictions 72.8% 55 $1.096014 -2.04% -3.72% $51 098 642 600 $2 972 959 907
7 Solana (SOL) SOL Solana predictions 56.8% 89 $149.74 -5.57% -21.61% $44 447 194 000 $3 259 409 601
8 Polkadot (DOT) DOT Polkadot predictions 58.4% 83 $36.69 2.33% 14.49% $36 235 518 897 $2 308 494 829
9 Dogecoin (DOGE) DOGE Dogecoin predictions 66% 65 $0.257382 4.84% 0.32% $33 796 922 711 $1 760 021 804
10 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000184 0.01% 0.02% $29 237 308 733 $2 846 778 419
11 UniSwap (UNI) UNI UniSwap predictions 73.6% 56 $25.95 -4.24% 8.79% $15 869 589 993 $590 249 626
12 Terra (LUNA) LUNA Terra predictions 68.4% 67 $36.55 0.26% 12.35% $14 691 406 586 $1 543 465 878
13 Avalanche (AVAX) AVAX Avalanche predictions 65.2% 69 $64.75 9.96% 46.82% $14 264 323 937 $2 618 327 427
14 Chainlink (LINK) LINK Chainlink predictions 74% 55 $30.07 -4.45% 3.96% $13 594 035 693 $1 522 191 986
15 Binance USD (BUSD) BUSD Binance USD predictions 91.6% 1 $1.000216 0.01% 0.02% $12 747 588 570 $6 369 639 162

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