The most recent mining difficulty adjustment took place at block 691,488, lowering the difficulty rate from 14.4 trillion to 13.7 trillion, the lowest since June 2020. After peaking at over 25 trillion on May 13, the difficulty metrics have nearly halved in the last two months.
The latest Bitcoin mining adjustment comes after a string of consecutive difficulty drops. That began on May 29 with a nearly 16 percent drop. With a 5.3 percent drop on June 13 and a massive 28 percent drop on July 3. The largest mining difficulty drop on the Bitcoin network — the downward trend continued.
The difficulty of mining a Bitcoin block is a measure of how difficult it is to verify transactions. In addition, mine new coins, with a higher difficulty requiring more computing power to verify transactions. Also mine new coins. Mining difficulty adjusted every 2,016 blocks. Or roughly every two weeks, as BTC is programmed to self-adjust to keep a target block time of 10 minutes.
Moreover, the ongoing miner migration out of China caused by a major crackdown on cryptocurrency mining. By local authorities has resulted in Bitcoin’s mining difficulty continuing to decline. The ongoing difficulty decrease coincides with a drop in Bitcoin hashrate and lower average BTC transaction fees.