Fourth Consecutive Difficulty Drop in Bitcoin Mining

Fourth Consecutive Difficulty Drop in Bitcoin Mining

Following the largest Bitcoin difficulty drop in history, BTC.com has posted its difficulty drop for the fourth time in a row. Despite China’s ongoing crackdown on cryptocurrency mining, mining new Bitcoin (BTC) is becoming easier, with BTC experiencing another mining difficulty drop.

According to the data from Bitcoin Explorer BTC.com, the Bitcoin network experienced its fourth consecutive mining difficulty on July 18, dropping 4.8 percent. At the start of July, the Bitcoin network faced the largest difficulty drop ever and now the next consecutive one.

Bitcoin’s history on mining difficulty

With the reports, it is noticeable that the recent mining difficulty has taken place at block 691,488. Moreover, this is the lowest difficulty rate since June 2020. The difficulty rate this time has lowered from 14.4 trillion to 13.7 trillion on July 17. After peaking at over 25 trillion on May 13, the difficulty metrics have nearly halved in the last two months.

The most recent Bitcoin mining difficulty follows a series of difficulty drops that started to descend on May 29. The negative adjustment was initiated with a 16% drop on May 29 following with 5.3% on July 13. Then the huge difficulty drop occurred with 28% down on July 3, according to the Bitcoin network.

History of Bitcoin Mining Difficulty

The last time the difficulty of mining Bitcoin fell more than four times in a row was in 2011. Mining difficulty fell eight times in a row from August to November 2011.

A cryptocurrency’s mining difficulty, such as Bitcoin’s, indicates how difficult and time-consuming it is to find the correct hash for each block. Mining difficulty is a unit of measurement used in the Bitcoin mining process. The difficulty of a complex cryptographic puzzle indicates its difficulty.

Bitcoin’s mining difficulty is adjusted every 2,016 blocks, or roughly every two weeks because Bitcoin is programmed to self-adjust in order to maintain a target block time of 10 minutes.

Significantly, this mining difficulty is caused as a result of China’s major crackdown on cryptocurrency mining. The ongoing difficulty drop corresponds to a decrease in Bitcoin hashrate as well as a decrease in average BTC transaction-fees.

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