Quick Take
As per the data analysis, the Bitcoin hash rate is currently hovering at approximately 8% below its all-time high. Looking at the 7-day moving average, we witness a peak of 507 eh/s, which has since dwindled to around 470 eh/s. Intriguingly, this decline in the hash rate has paralleled a drop in the difficulty adjustment, which slipped over the previous weekend, coming very close to being flat.
This easing off in the difficulty adjustment provides a soothing breather for miners grappling with six consecutive positive adjustments. At present, the difficulty level sits at a prominent 67.31T. As we approach the end of 2023, only one adjustment remains to be seen. The year has seen 7 negative adjustments against 19 positive ones. It remains to be seen whether the upcoming final adjustment will tip the scale to 20 positive adjustments for the year.
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