Bitcoin mining difficulty falls by 2.35 %

Quick Take

  • Bitcoin mining difficulty went down by 2.35% percent.
  • During the same time, the network’s global hash rate decreased by 2.6%.

The Bitcoin network mining difficulty has dropped by 2.35%, representing the second-biggest single fall this year so far, according to BTC.com.

The drop follows a 1.29% rise in difficulty in the beginning of June. Before that, in late May, it had fallen 4.33%.

Mining difficulty refers to the complexity of the mathematical process behind mining, during which miners are repeatedly trying to find a hash below a set level. Miners that "discover" this hash win the reward for the next transaction block. Mining difficulty adjusts every 2,016 blocks (roughly every two weeks) in sync with the network's hash rate.

Meanwhile, the network's hash rate has decreased by about 2.6% since June 8, the date of the last update, according to data compiled by The Block Research.

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© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Catarina is a reporter for The Block based in New York City. Before joining the team, she covered local news at Patch.com and at the New York Daily News. She started her career in Lisbon, Portugal, where she worked for publications such as Público and Sábado. She graduated from NYU with a MA in Journalism. Feel free to email any comments or tips to [email protected] or to reach out on Twitter (@catarinalsm).

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