#Gate广场四月发帖挑战

Bitcoin mining difficulty adjusted at block height 943,488 (Beijing time today at 17:28:40), with a 3.87% increase to 138.97 T; the average network hash rate over the past seven days is currently 986.74 EH/s.

The difficulty increased by 3.87% to 138.97 T, marking a technical correction following the sharp decline in late March. This reduces short-term selling pressure risk, but cost support remains fragile.

1. Data Interpretation: The Inevitable Result of Hash Rate "Recovery"

Correction logic: This adjustment is a correction of the previous cycle (difficulty plummeted 7.76% on March 21). At that time, high energy costs and miners shifting to AI caused a sudden drop in hash rate, slowing block production; recently, hash rate has rebounded to 986 EH/s, prompting the network to automatically increase difficulty to maintain a 10-minute block time.

Historical position: 138.97 T is still well below the 155 T peak at the end of 2025, indicating that the overall network hash rate has not fully recovered and is in a "weak recovery" state.

2. Miner Perspective: Profit Margins Are Being Squeezed

Cost increase: The rise in difficulty means that, under the same hash rate, the coin output per miner decreases. For miners with high electricity costs (>0.07 USD/kWh), mining is approaching unprofitable.

Selling pressure: Although the difficulty increase will squeeze profits, as long as the coin price remains above the dynamic breakeven point (currently estimated at about 68,000-72k USD), existing miners will not shut down en masse to sell. Currently, miners are not the main force in dumping.

3. Price Impact: Neutral to Slightly Bearish, but Not Decisive

Short-term (1-2 weeks): The difficulty adjustment itself does not directly cause the coin price to fall, but it weakens miners' ability to defend prices. If geopolitical risks over the weekend intensify and the price drops below 65k USD, miners will lack the motivation to "hold on" or increase their positions.

Support logic: The real bottom support lies in the shutdown price. Only when the coin price falls below most miners' electricity costs (around 58,000-62k USD range), triggering a large-scale shutdown wave, will difficulty be significantly reduced again, marking the true "market bottom."

Summary: The difficulty rebound signals hash rate recovery and has a neutral impact on the coin price. Under the dual influence of geopolitical risks (risk aversion) and weekend liquidity (volatility), difficulty data is not the core contradiction of the current market; the real core remains the US-Iran situation and macro liquidity.