Bitcoin Mining Difficulty Has Dropped To Low Since January 2020

Since mid-May, the difficulty of mining the first cryptocurrency has fallen by 45%.This is happening against the backdrop of the migration of miners fromChina.

As a result of the next recalculation, the complexityBitcoin mining fell 4.81% to 13.67 trillion hashes (T), according to BTC.com. This is the minimum since January 2020. Since mid-May, when the difficulty of mining the first cryptocurrency reached a historic high of 25.05 T, the fall was even more dramatic - by 45%.

The complexity of the network determines the required volumecomputing power to find a new block in the bitcoin blockchain. This parameter changes every 2016 blocks or approximately every two weeks. This is necessary to maintain a block dwell time of about 10 minutes.

After recalculation on July 3, mining difficultybitcoin fell by a record 28%. The last decrease in the indicator, which occurred on July 18, was the fourth in the series. The first happened on May 29 and amounted to 16%, the second - on June 14 by 5.3%. Last time, mining difficulty dropped four times in a row, and more than ten years ago.

Reducing the complexity of mining occurs in the backgrounda ban on this activity in China. To date, about 90% of mining companies in the country have stopped working. Four provinces in China banned cryptocurrency mining entirely in June, and Anhui joined them in July.

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