Bitcoin mining has faced another negative addition on Sunday, with the difficulty rate almost halving since mid-May.
With the additional measures applied for crypto mining in China, mining new Bitcoin (BTC) keeps getting easier as BTC has experienced another mining difficulty drop.
On July 18th, the Bitcoin network published its fourth negative adjustment of mining difficulty, decreasing 4.8%, following data from Bitcoin explorer.
The latest mining difficulty adjustment occurred at block 691,488, reducing the difficulty rate from 14.4 trillion to 13.7 trillion, the lowest level recorded since June 2020. The difficulty metrics have now almost halved over the past two months, after reaching over 25 trillion on May 13.
The latest Bitcoin mining adjustment follows a series of consecutive difficulty drops that started with almost 16% descent on May 29th. Additional negative adjustments continued with a 5.3% fall on June 13th and a big 28% decrease on July 3 — the most crucial mining difficulty drop on the Bitcoin network.
Bitcoin mining difficulty is a measure of how hard it is to mine a BTC block, with a higher difficulty requiring additional computing power to verify transactions and mine new coins. Bitcoin’s mining difficulty adjustment occurs every 2,016 blocks, or about every two weeks, as Bitcoin is programmed to self-adjust in order to maintain a target block time of 10 minutes.
Bitcoin’s continuing mining difficulty decline comes in response to the ongoing miner migration out of China caused by a major crackdown on the cryptocurrency mining by local authorities. The ongoing difficulty drop falls in parallel with declining Bitcoin hashrate as well as decreasing average BTC transaction fees.