Bitcoin Mining Difficulty Sees 11% Decline in Major Adjustment

Bitcoin mining difficulty has decreased by 11%, marking the largest drop since China’s ban in 2021, as the hashrate plummets amidst market turmoil.

In a significant development for the Bitcoin network, mining difficulty has experienced an 11% reduction, representing the largest negative adjustment since the 2021 ban implemented by China. This notable shift in mining difficulty comes as the network's hashrate has diminished by approximately 20% over the last month.

The recent decline in Bitcoin's market price has prompted widespread shutdowns among miners, exacerbated by extreme weather conditions brought on by Winter Storm Fern. These factors have collectively contributed to a challenging environment for cryptocurrency miners, leading to a notable decrease in hashrate.