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Bitcoin Mining Difficulty Plunges, Posts Negative Adjustment On Weekend

BTC mining difficulty has posted another negative adjustment on the weekend, with the difficulty rate almost becoming half since mid-May.

In the thick of the in progress crackdown on digital asset mining in China, mining new BTC continues getting uncomplicated as Bitcoin has gone through another mining difficulty decline.

On 18th July, the Bitcoin blockchain posted its 4th successive negative adjustment of mining difficulty, as per data from Bitcoin explorer

Bitcoin Mining Difficulty Adjustment And Decreasing Transaction Fees

Notably, the latest mining difficulty adjustment took place at block 691,488, decreasing the difficulty rate from over fourteen trillion to around thirteen and a half trillion. By far, the lowest level recorded since the month of June, last year. The difficulty metrics have now almost halved over the last 2 months, after reaching over twenty five trillion on 13th May.

The latest BTC mining adjustment follows a series of back-to-back difficulty plunges that began with an approximate sixteen percent drop on 29th May. Further negative adjustments continued with over five percent decline on 13th June and a mammoth twenty eight percent drop on 13th July, the biggest mining difficulty decline on the Bitcoin blockchain.

Interestingly, the sustained mining difficulty drop comes in response to the in progress miner migration out of China brought about by a key crackdown on the digital asset mining by local authorities. The underway difficulty decline falls in parallel with declining hashrate along with lessening average BTC transaction fees.

Image by WorldSpectrum from Pixabay

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