Lets look at what has happened to the price/difficulty relationship since the last difficulty update:
Previous Difficulty: 1,777,774
New Difficulty: 1,755,425
Difficulty Change: 1.26% decrease
2008-08-30 Price: 8.78 USD per 1 BTC
2011-09-13 Price: 5.95 USD per 1 BTC
Price Change: 32.23% decrease
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| Click image for larger view |
It was interesting watching the spike back up to above 7 dollars. If it wasn't for that, we would clearly be in the 4.50 range. The trend is still downward so I am not focused on buying just yet. Mining also remains unprofitable for most so expect to see a further decline in difficulty. My original prediction was a difficulty drop of 2% so I wasn't too far off. The next difficulty should come around the 27th and I predict it will be about 3% lower from where it is today.
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