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.