The most recent mining complexity modification took place at block 691,488, lowering the complexity rate from 14.4 trillion to 13.7 trillion, the least since June last year. After peaking at more than 25 trillion on May 13, the complexity measures have nearly halved in the last two months.
The recent Bitcoin mining correction comes after a string of successive complexity declines that began on May 29 with almost a 16% drop. Subsequent negative changes proceeded with a 5.3% reduction on June 13 and a whopping 28% drope on July 3 – the greatest mining complexity decrease on the Bitcoin blockchain.
The complexity of mining a Bitcoin block is a gauge of how tough it is to validate transactions and generate new bitcoins, with an increase in complexity implying the need for additional processing power to validate transactions and mine fresh bitcoins. Bitcoin’s mining complexity is adjusted every 2,016 blocks, or roughly once in two weeks, since Bitcoin blockchain has been structured to self-adjust to keep preset block duration of 10 minutes.
Bitcoin’s ongoing drop in mining difficulty decline has come as a response to the prevailing miner movement out of China to evade a stringent clampdown on the cryptocurrency mining by domestic officials. The continuous complexity decrease has happened in conjunction with falling Bitcoin hashrate in addition to the drop in average BTC transaction costs.