Bitcoin mining difficulty dropped by 5.01% on Friday, marking the third decline in a row and the largest fall since July 2021, according to data from BTC.com.
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- The mining difficulty reading is now at 27.69 trillion at a block height of 745,920, the lowest level since March.
- The difficulty level, which undergoes adjustments about every two weeks, reached a record high of 31.25 trillion on May 11.
- Bitcoin mining difficulty is a measure of how hard a miner would have to work to verify transactions on a block in the blockchain, or “dig out” Bitcoins.
- Such mining difficulty adjustments are highly correlated to changes in the mining hashrate — the level of computing power used during mining.
- Bitcoin’s hashrate dropped to 193.2 exahashes per second on Thursday on a seven-day average from a record high of 231.4 exahashes on June 12, Blockchain.com data showed.
- Bitcoin’s price stood at US$23,039 at 11 a.m. Friday HKT, up 0.7% in the past 24 hours, according to data from CoinMarketCap.