Bitcoin Mining Difficulty Drops 11.16%, Largest Since 2021

Bitcoin mining difficulty decreased by 11.16%, marking the largest drop since July 2021. This reduction followed a 20% decline in network hashrate, intensified by power outages and low hash prices of $33.31/PH/s/day.

Bitcoin mining difficulty decreased by 11.16%, occurring recently amidst a notable power outage in the United States. This marks the largest adjustment since July 2021, as miners face harsh economic conditions.

Bitcoin Mining Difficulty Adjustment

The decline in Bitcoin mining difficulty dropped by 11.16% to 125.86 trillion at block 935,429. Influenced by a U.S. winter storm, the network’s hashrate decreased by 20% over the past month, pressuring miners.

Key players were affected, including Foundry USA losing ~60% of its hashrate due to outages and low hash prices, which reached record lows of $33.31/PH/s/day. These events offer short-term relief for active miners via easier blocks and reduced strain.

Observations indicate the decline primarily impacts BTC; other cryptocurrencies such as ETH and altcoins remain unchanged. The adjustments underline broader industry issues, with no official statements from core developers or institutions.

Solid Intel on Twitter remarked on the downward adjustment, suggesting potential changes in mining activities or network hash rate fluctuations. With no regulatory updates, the community continues speculating on future impacts. Glassnode data shows the adjusted mining difficulty may persist if current trends continue, affecting technological and economic arenas.

This drop marks the 10th largest negative percentage adjustment in Bitcoin’s history: