According to data provided by BTC.com, Bitcoin’s mining difficulty has plunged by 7.32 %, which is the biggest negative adjustment of the year.
In fact, the difficulty of mining recorded the most dramatic drop since the summer of 2021. Back then, the industry was reeling from China’s blanket ban on cryptocurrency mining activities that forced local miners to relocate to friendlier jurisdictions.
At block height 689,472, the Bitcoin network recorded a record-breaking downward adjustment of 27.94%. It was followed by another drop of - 4.81%. However, mining difficulty managed to recover at a relatively fast pace with a total of nine consecutive declines in a row.
Alex DovbnyaDue to the double-whammy of declining crypto prices and the advent of more efficient mining machines, many miners are no longer capable of turning a profit.
As per BTC.com data, the Bitcoin network is currently on track to record another negative adjustment two weeks from now.
Each difficulty adjustment occurs every 2,016 blocks in order to make sure that the supply of new coins remains stable.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Arman Shirinyan
Dan Burgin
Vladislav Sopov