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Bitcoin Mining Difficulty Drops Record

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Bitcoin Mining Difficulty Drops Record

Bitcoin mining difficulty is falling sharply, at the same time as a significant decline in Bitcoin hashrate.

According to TheBlock, Bitcoin mining difficulty recently dropped by 27.9%. This is the steepest drop since the network went live in 2009.

bitcoin mining difficulty

The Bitcoin network updates its mining difficulty every 2,016 blocks, which is roughly every two weeks. This is programmed to ensure blocks are generated every 10 minutes or so, even though the hashrate fluctuates.

Bitcoin mining difficulty decreases along with Bitcoin hashrate fluctuations.

Since the previous correction on June 13, Bitcoin’s 7-day hashrate has dropped from 136.47 EH/s to 85 EH/s – a 35% drop.

Bitcoin’s hashrate and difficulty are heavily influenced by China’s Bitcoin mining ban, because the country has a lot of large “miners”.

Bitcoin hashrate

The reduced hashrate results in a slower block mining speed because the remaining hashing power cannot keep up with the high difficulty.

Over the past two weeks, blocks were generated on average almost every 13.9 minutes, much higher than usual.

On July 1, it even took 129 minutes to generate a block, the longest time since 2011.

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