The Bitcoin blockchain has undergone its biggest ever drop in mining difficulty, as the network’s automatic stabilizing mechanism kicked in following a strict crackdown by China on the country’s cryptocurrency industry.
Bitcoin’s mining difficulty plunged by nearly 28% at block 689,471 at 6:25 UTC.
The adjustment marks the third straight decline in mining difficulty, the first time such a trend has happened since December 2018. On May 29 and June 13, the mining difficulty dropped by 16% and 5%, respectively, according to mining service provider BTC.com.
What is Bitcoin mining difficulty?
Bitcoin’s difficulty is measured using an internal score that began at 1 (when Satoshi started mining at the easiest level). It is programmed to increase or decrease incrementally depending on how many miners are competing on the network. It is currently scored at 14,363,025,673,659, down from 19,932,791,027,262.