Over the past week, data reveals that Bitcoin blockchain has witnessed the departure of an hashrate of nearly 100 seconds per second of exahash (Eh/s). Many of those escapes unfolded after difficulties rose to 123.23 trillion on April 19th.
Will the upcoming Rickard restore the Bitcoin balance on May 4th?
Data from HashrateIndex.com shows that 91 EH/S has left the network since 917 EH/S was cruising at 917 EH/s. The network recently reached an all-time high of 926 EH/s on April 8, as measured by the seven-day simple moving average (SMA). However, from the next nine days starting April 17th, the numbers reveal a significant decline in calculus power.
From April 17th to April 26th, the network lost 91 EH/s.
Most of the drops matched the 1.42% difficulty level on April 19th. That particular adjustment increased the difficulty to 123.23 trillion, resulting in a fourth consecutive increase. The rise in difficulties that caused the hashrate Exodus increased the block interval beyond the 10-minute standard. The block averaged 10 minutes and 34 seconds.
The next retarget on May 4 will be reduced by 5.5%, as the slower block times usually promote a reduction in difficulty. This shift coincides with improved miners’ revenues as Hashpris (an expected daily value of 1 petahash per second (PH/s)) jumped significantly last week. On April 19th, it was $44.06 per PH/s. Today, it registers a profit of $48.70, 10.53%.
Bitcoin’s recent hashrate retreats show dynamic network equilibrium as the rising difficulty causes minor departures and temporarily slows down block times. Hashpris will acquire Hashpris by hinting at growing rivalry among the remaining miners and easing profitability pressures. Retargeting the looming difficulty embody the self-modification nature of the protocol, readjusting incentives, and possibly reducing the load on miners in this cycle.
