Amid the ongoing crackdown on crypto mining in China, the new Bitcoin (BTC) mining is getting easier as BTC has seen another decline in mining difficulties.
On July 18, the Bitcoin network recorded the fourth consecutive negative correction in mining difficulty, up 4.8%, according to bitcoin explorer BTC.com.
The last adjustment to the mining difficulty level was at block 691,488, which reduced the difficulty rate from 14.4 trillion to 13.7 trillion, the lowest level since June 2020. The difficulty of the indicators has almost halved in the past two months after it had reached over 25 trillion on May 13.
The most recent Bitcoin mining correction after a series of back-to-back troubles began with a decline of nearly 16% on Jan. May. The negative corrections continued with a 5.3% drop on June 13 and a massive 28% drop on July 3, largest mining difficulty drop on the Bitcoin network.
Connected: Bitcoin miners’ earnings have increased 50% in 4 days since the difficulty decreased
Bitcoin mining difficulty is a measure of how difficult it is to mine a BTC block, with a higher level of difficulty requiring additional processing power to verify transactions and mine new coins. Bitcoin’s mining difficulty adjustment occurs every 2,016 blocks, or roughly every two weeks, since Bitcoin is programmed to correct itself to meet a target block time of 10 minutes.
The ongoing decline in Bitcoin mining difficulties is due to the ongoing exodus of miners from China due to a massive crackdown on cryptocurrency mining by the local government. The decline in difficulty comes along with the decline in Bitcoin’s hash rate, as well as the decline in the average BTC transaction fees.