Bitcoin mining difficulty dropped by 2.35% on Thursday, after recording a 1.3% increase earlier this month, according to data from BTC.com.
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- The mining difficulty reading is now at 29.57 trillion at a block height of 741,888, according to BTC.com data.
- The difficulty level, which undergoes adjustments about every two weeks, reached a record high of 31.25 trillion on May 11, but later dropped by 4.3% on May 25.
- 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 207.1 exahashes per second on Wednesday on a seven-day average from 212.5 exahashes on June 8 when the previous difficulty adjustment took place, Blockchain.com data showed.
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