Bitcoin Mining Difficulty Sees Its Biggest Fall In 12 Months
The complexity of mining Bitcoin (BTC) has recently dropped to its lowest level in a year, allowing miners to enhance their revenue during this hard crypto winter. Bitcoin mining complexity, or how tough it is to compete for mining rewards, fell by 5% today. It reduced it to 27.69 T, the lowest level since mid-March of this year.
Notably, the last time the complexity dipped close to this % was on July 18, 2021, when it was just 13.67 T. That dip came on the heels of a significant loss of about 28 percent two weeks previous, which remains the worst drop in the network's history.
The newest change is the third in a row, with the prior boost being 1.29 percent, when the mining difficulty reached its second-highest level ever, 30.28 T. The all-time high is 31.25 T, which was recorded in mid-May.
Since the latest complexity adjustment two weeks ago, hash rate, or the network's computing capacity, has decreased. The 7-day moving average hash rate is down by more than 7% over this period.
During that same period, the profitability of Bitcoin mining increased by 13 percent due to the rising value of BTC. Miners have spent more of their freshly created BTC in the last week and three months than they have held.
All of this occurs during a complex crypto winter. However, at 18:51 UTC, BTC was trading at USD 22,846, down 4% in a day but up 13% in a week.
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