Bitcoin mining difficulty sees 2nd largest drop in history

posted 10 months ago
The Bitcoin hash rate has been in a rare decline, beginning mid-October this year, as falling prices changed the rate at which older miner models became obsolete, and profit-driven firms at the margins began to turn off their machines to avoid operating at a loss. This miner exodus is now being reflected in Bitcoin’s network difficulty, which fell by more than 15% following the regular difficulty adjustment that occurred today.

According to data compiled by XDEX Chief Analyst Fernando Ulrich, this constitutes the 2nd-largest difficulty drop in Bitcoin’s decade-long history and the largest since Nov. 1, 2011, when the difficulty dropped by 18%.
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