Amid the continued crackdown on cryptocurrency mining in China, mining new Bitcoin [BTC] continues getting easier as BTC has experienced another mining difficulty drop.
Earlier on 18th July, the Bitcoin network posted its 4th consecutive negative adjustment of mining difficulty, dropping 4.8%, consistent with data from Bitcoin explorer BTC.com.
The latest mining difficulty adjustment occurred at block 691,488, reducing the mining difficulty rate from 14.4 trillion to 13.7 trillion, rock bottom level recorded since June last year. The difficulty metrics have now almost halved over the past two months, after reaching over 25 trillion on 13th May.
The latest BTC mining adjustment follows a series of consecutive difficulty drops that started with an almost 16% decline on 29th May. Moreover, negative adjustments continued with a 5.3% drop on 13th June and a huge 28% decline recorded on 3rd July – the major mining difficulty drop on the Bitcoin network.
Bitcoin mining difficulty is a measure of how hard it’s to mine a BTC block, with a better 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 fortnight, as Bitcoin is programmed to self-adjust so as to take care of a target block time of 10 minutes.
Bitcoin’s continuing mining difficulty decline comes in response to the continued miner migration out of China caused by a serious crackdown on cryptocurrency mining by the native regulatory authorities. The continued difficulty drop falls in parallel with declining Bitcoin hash rate as well as decreasing average BTC transaction fees.