The Bitcoin blockchain network has undergone the biggest drop in mining difficulty in history following the crackdown by China on the crypto industry.
The bitcoin mining difficulty has plunged by over 28% at block 689, 471.
This is the largest drop and the only straight decline adjustment ever reported on the bitcoin blockchain.
Below are the previous drops experienced in the last 2 months:
- June 3, 2021 – 28% drop
- May 29, 2021 – 16% drop
- June 13, 2021 – 5% drop
Bitcoin mining difficulty is determined by how many miners are on the network. With the bitcoin algorithm self-adjusting roughly every 2 weeks in order to maintain a target block time of 10 minutes, this changes based on the computational power available through mining.
Due to this decline, block times have slowed down with some taking up to 23 minutes. On the flip side however, less miners will mean more revenue for the remaining miners.
Currently, the mining difficulty score stands at 14.36T down from 19.93T. When Satoshi began mining, the score was at 1.
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