Bitcoin's mining difficulty has experienced a 1.5% uptick to 84.4 trillion on Thursday, following a resurgence in the network's seven-day moving average hash rate, which surpassed 600 EH/s.

The recent adjustment marks a turnaround from the last Bitcoin difficulty adjustment on May 9, where the metric saw a significant 5.9% drop, the largest since December 2022's bear market lows. This decline was attributed to the reduction in miner subsidy rewards post-Bitcoin's fourth halving event on April 20, offsetting initial gains from transaction fee rewards amid the hype surrounding Runes.

Despite remaining relatively stable in the 580-590 EH/s range after the previous drop, the seven-day moving average hash rate surged to around 606 EH/s by Wednesday. This unexpected increase was fueled by renewed optimism surrounding spot Ethereum exchange-traded fund approvals in the United States, leading to subsequent price rises across the crypto market.

Bitcoin's mining difficulty serves as a measure of the network's mining complexity, adjusting every 2016 blocks to maintain an average block discovery rate of 10 minutes. When the number of miners increases, the difficulty rises, and vice versa, ensuring network stability.

Furthermore, Bitcoin's hash price has witnessed a slight recovery after hitting an all-time low on April 29, climbing to $55 per PH/s per day on Monday. This metric, coined by Bitcoin mining services firm Luxor, quantifies the expected value of hashing power, indicating potential miner earnings.

As of now, Bitcoin is trading at $69,736, up 5% for the week. Meanwhile, ether is priced at $3,826, reflecting a 25% surge since Bloomberg ETF analysts Eric Balchunas and James Seyffart raised the odds of spot Ethereum ETF approvals from 25% to 75% on Monday. The Securities and Exchange Commission faces upcoming deadlines to decide on spot Ethereum ETF applications from various firms, signaling increasing political significance in the crypto sphere.