Bitcoin, the world's leading cryptocurrency, has reached its most significant mining difficulty level in nearly 18 months, signaling a shift in the landscape of cryptocurrency mining.
Bitcoin Mining Difficulty Sees Biggest Drop in 18 Months Amid Falling Hash Rate
Today's 5.7% decline marks the highest negative situation since the bear market bottoms on December 6, 2022, when Bitcoin was trading around $17,000.
According to data from Bitbo, the difficulty adjustment occurred at a block height of 842,688 and the difficulty dropped to 83.1 trillion.
Bitcoin mining difficulty serves as a relative measure of the difficulty associated with mining new blocks, adjusting automatically every 2016 blocks to maintain an average block discovery time of 10 minutes, regardless of changes in miner activity.
The latest negative adjustment follows a significant 10% drop in network hashrate since the last adjustment on April 24.
This decline, from the seven-day moving average of 639.58 EH/s to 578.74 EH/s, contributed to average block times of 10 minutes and 36 seconds before adjustment.
The drop in hash rate also caused Bitcoin's hash price to drop to an all-time low, dropping below $50 per PH/s per day ($0.05 per TH/s per day) on April 29, with Bitcoin's price falling below $63,000. It coincided with the same time.
*This is not investment advice.