- The Bitcoin mining difficulty rating dropped a record 27.94% this weekend
- The Bitcoin block time has also broken a record, with each block taking around 14 minutes to be added to the blockchain
- The drop in Bitcoin mining difficulty will help resolve the issues caused by China’s ban
Bitcoin miners are celebrating a more profitable start to the month after the Bitcoin mining difficulty rating experienced its highest one-day drop as a reaction to dozens of Chinese Bitcoin mining firms pulling the plug last month. The drop was inevitable once the true impact of the great switch off became known on the Bitcoin hashrate, with the only unknown variable being the figure itself. The result was a record 27.94% drop in Bitcoin mining difficulty which more than erased the 21.53% seen in May.
Bitcoin Mining Difficulty Reacts to China Ban
Bitcoin mining firms outside of China had been looking forward to the weekend’s anticipated Bitcoin mining difficulty drop following the country’s crackdown which has seen a huge number shut up shop or move abroad to continue operations. They weren’t to be disappointed, with the record breaking drop making it easier for those miners to solve the mathematical problems that lead to the right to add the next block to the Bitcoin blockchain, earning them ₿6.25 each time they do.
May’s upward adjustment saw the Bitcoin mining difficulty rating hit an all-time high along with the hashrate, figures that have now both plummeted as a result of China’s Bitcoin mining ban. Indeed, this weekend’s record Bitcoin mining difficulty drop is the third in a row, the first time such a phenomenon has been seen since December 2018.
10-minute Block Time Breached
The drop in mining activity has also seen block times breach the 10-minute barrier, with the Bitcoin mining difficulty drop and reduced hashrate leading to a block time of 13 minutes and 53 seconds, the slowest on record. When other Bitcoin miners pick up the slack however, this figure should stabilize and go back under 10 minutes again.