Bitcoin network records largest difficulty drop since 2011

As a result of another adjustment, Bitcoin mining difficulty fell by 16.05%, according to data from BTC.com.

The drop occurred at block 655,200, mined at 11:28 MSK. As a result the figure fell from the previous record of 20 T to 16.79 T.

Data: BTC.com.

According to analysts at The Block, this is the largest difficulty drop since October 2011.

The 10 largest Bitcoin mining difficulty drops in history. Source: The Block.

A similarly large drop occurred in March this year, after Bitcoin’s plunge amid global panic over the coronavirus pandemic.

The obvious hashrate drop of 27% amid the end of the rainy season in Sichuan and the associated migration of miners. After a partial recovery, hashrate continued to fall in early November.

Source: Glassnode.

Earlier, Arcane Research concluded that the share of Chinese miners in Bitcoin’s hashrate is declining as computing power grows in other countries.

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