Bitcoin Mining Difficulty Drops Again
Bitcoin mining difficulty has decreased once more, making it a total of four time only during the past couple of months.
During the past few weeks, the mining difficulty of Bitcoin’s network has been decreasing at different intervals.
Once again, the mining difficulty of this network has seen a drop to itself.
The main reason behind all these drops is of course the strict and harsh crackdown on Bitcoin and cryptocurrency mining in China. As a result, more and more miners and nodes have been pushed out of the network due to the new regulations and restrictions in this country.
This is the fourth consecutive drop in the difficulty of Bitcoins’ network.
But what does it mean for miners?
In essence, mining difficulty refers to the amount of work that needs to be done in order for transactions to be confirmed, or in other words, for new blocks to be generated, and thus new coins.
As the difficulty of Bitcoin mining decreases, the mining process, however, becomes rather easier on the other hand. Since, less work and computation is necessary from the network in order to for new blocks to be created.
This latest drop was rather considerable considering the history of this network. In fact, with a drop of negative 4.8 percent, this was rather a large drop in the network.
As a result, the mining difficulty rate fell from 14.4 trillion to 13.7 trillion.
But, this has not been the only large drop in the mining difficulty for this coin. Only in the current year, we have experienced drops as much as 16 percent and 28 percent.
As was mentioned above, this ongoing decline is closely and directly related to the migration of miners out of China, which was ignited by the heavy and serious measures taken by this country against cryptocurrency mining as a whole.