Bitcoin (BTC) Mining Difficulty Drops To June 2020 Level, What Does It Mean?

Bitcoin mining difficulty dropped once again this weekend, reaching the June 2020 level.

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Bitcoin mining difficulty is 4% on Sunday night. It fell by 8 percent. This is the fourth-highest drop this year, following the historic 28% drop in early July.

Also, this change has reduced the difficulty level from 14.36 T to 13.67 T, or similar level last seen at the beginning of June 2020, and once again helped miners earn more while BTC was still stuck in a range. This marks the fourth consecutive decline after mining difficulty hit an all-time high of 25.05 T (ATH) in mid-May this year.

BitInfoCharts. According to com, the hashrate, or the computing power of the network, has been on the rise since the previous adjustment and has increased by 18% in the twelve days to July 15. However, this level is still 45% lower than the ATH seen in May. Bitcoin mining profitability has also increased since the end of June.

Bitcoin’s mining difficulty is adjusted every two weeks (or every 2016 blocks to be precise) to maintain the usual 10-minute block time. The 7-day easy moving average block deadline on July 15 was 10.46 minutes. More than 17 minutes were recorded on July 2.

In the middle, according to ByteTree, in the past weeks, miners have stopped spending newly generated BTC and are holding more coins instead.

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