Bitcoin Mining Difficulty Slumps to Lowest Level in 2022
As per statistics from BTC.com, Bitcoin’s mining complexity has decreased by 7.32 percent, representing the year’s largest negative correction. In truth, the difficulty of mining has decreased significantly since the summer of 2021. During that time, the sector was suffering from China’s total ban on cryptocurrency mining, which prompted local miners to move to more accommodating countries.
At block height 689,472, the Bitcoin blockchain saw a record-high 27.94% decrease. It was then followed by a further decrease of -4.81%. Nevertheless, mining complexity was able to rebound very quickly, with nine successive reductions in a sequence.
The Bitcoin mining complexity reached an all-time peak of 35,6 trillion in November. As a result of miners shutting down their rigs in masse in response to a harsh bear market, the price has now dropped dramatically.
In light of the double blow of falling cryptocurrency prices and the introduction of highly efficient mining hardware, several miners can no longer generate a profit. According to statistics from BTC.com, the Bitcoin blockchain is on course to see another unfavorable correction in two weeks.
Each complexity adjustment happens after 2,016 blocks in order to keep a steady supply of fresh coins.