<p>Bitcoin's mining difficulty, a measure of the competitiveness for winning block rewards, has just posted the largest percentage drop since October 2011.</p> <p>The network adjusted its mining difficulty at 8:28 UTC time on Tuesday, which dropped by 16.05% from the previous level of 20 Trillion to right now 16.7 Trillion, according to BTC.com. </p> <p>Data compiled by The Block shows that has reset the record of the second-largest mining difficulty drop in bitcoin's history, which <a href="https://www.theblockcrypto.com/linked/59972/bitcoins-mining-difficulty-sees-the-second-largest-drop-in-history">was previously seen</a> on March 26 after the crypto market's mega sell-off on March 12.</p> <p><img class="alignnone size-medium wp-image-83350" src="https://www.tbstat.com/wp/uploads/2020/11/Screen-Shot-2020-11-03-at-4.35.54-PM-800x394.png" alt="" width="800" height="394" /></p> <p>Today's adjustment also marks the largest percentage decline since bitcoin mining entered the ASIC era around 2013. </p> <p>The difficulty drop is a result of the decline of the average total computing power racing on the network in the last two weeks as many Chinese miner operators have unplugged their machines to <a href="https://www.theblockcrypto.com/post/82404/bitcoin-hashrate-miners-migrate">migrate</a> to fossil fuel power stations from hydropower plants. </p> <p>The decline of bitcoin's mining competitiveness will push up bitcoin miner's daily revenue per terahash second of computing power in the coming days, which is already <a href="https://www.theblockcrypto.com/linked/82957/bitcoin-mining-revenue-highest-halving">reaching</a> its highest point since the block reward halving in May.</p>