Bitcoin mining difficulty fell 5.7 percent on Thursday in the biggest negative adjustment in nearly 18 months. This latest difficulty adjustment is the biggest drop since December 2022. At the time, BTC was trading around $17,000.
Record drop in Bitcoin mining difficulty!
According to Bitbo data, the difficulty adjustment came at a block high of 842,688 and dropped to 83.1 trillion. This means the difficulty had dropped by 7% on December 6, 2022. At the time, Bitcoin was trading at bear market lows around $17,000. The latest decline marks the largest negative adjustment since then.
Bitcoin mining difficulty is a relative measure of how difficult it is to mine a new block compared to easiest. It automatically adjusts every 2016 blocks (about two weeks) to ensure that, on average, a new block is found every 10 minutes, regardless of how many miners are actively mining. When there is an increase in the number of miners, the difficulty of mining Bitcoin increases. Conversely, if there is a decrease in the number of miners competing to find new blocks, the protocol lowers the mining difficulty. Thus, making it easier for the remaining miners to discover blocks.
The drop came at the same time as the BTC price drop!
According to the data dashboard, the negative difficulty adjustment follows a 10% drop in network hash rate since the last difficulty adjustment on April 24, from the seven-day moving average of 639.58 EH/s to 578.74 EH/s as of yesterday. declined. Before the adjustment, average block times were 10 minutes and 36 seconds.
The drop in hash rate caused Bitcoin’s hash price to drop to an all-time low below $50 per PH/s per day ($0.05 per TH/s per day) on April 29. Additionally, Bitcoin’s price also fell below the $63,000 level. According to the latest data, Bitcoin is currently trading at around $61,300.
Bitcoin’s difficulty level dropped after consecutive rises!
cryptokoin.comAs you follow from , Bitcoin held its fourth halving event in April. Today’s negative mining difficulty adjustment is the first adjustment after the halving. The last difficulty adjustment before the halving and the first difficulty adjustment after the halving increased by 4% and 2% respectively. Thus, it reached a record of 88.1 trillion. It also reached a hashrate peak of 650.29 EH/s on April 19. The network’s hash rate has dropped approximately 11% since the halving.
These adjustments were aimed at increasing hash rates in preparation for miners’ block subsidy rewards to drop. Following the halving event, miners’ income from transaction fees rose to a record level after the subsidy drop, according to an analysis by Bitcoin researcher Mempool. After the halving of block 840,000, the block subsidy reward of approximately $200,000 was exceeded, resulting in $2.4 million in transaction fees. This is attributed to Bitcoin’s launch of Runes, a new fungible token standard, during the halving. Additionally, this helps provide miners with higher transaction fee income.
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