BTC difficulty drops by the biggest margin since 2021
Bitcoin mining difficulty has dropped by its biggest margin since July 2021 amid difficult conditions for miners. Tough market conditions continue to affect the Bitcoin (BTC) ecosystem as mining difficulty drops by its biggest margin since July 2021. A 7.32% difficulty adjustment took place on Dec. 6 at block height 766,080, marking the sharpest drop in difficulty in over a year. This coincided with a drop in average hashrate from 264.18 EH/s to 245.10 EH/s, according to data from BTC.com. Bitcoin’s mining difficulty automatically adjusts to the amount of hashing power available to the network, essentially controlling the rate at which new Bitcoin blocks are added to the chain to an average of 10 minutes. The difficulty adjusts every 2,016 blocks, meaning that this latest drop in difficulty will last around two weeks. The adjustment could be seen as reprieve for Bitcoin miners that have had to endure a tumultuous 2022 which has left some small and large operators with no choice but to...