The mining difficulty adjustment for Bitcoin over this weekend has registered its fourth successive drop – this time, of about 5%. This means that that a new low was marked for roughly a year.
Mining difficulty experiences an adjustment every 2,016 blocks and, based on the number of miners in the network, it can increase or decrease.
Yesterday, the Bitcoin network experienced another round of negative adjustments for its mining difficulty, dropping 4.8%, and reaching the lowest level since June 2020. It also represents the longest period of reduced adjustments in the history of Bitcoin.
As a result of the crackdown imposed by the Chinese authorities, the Bitcoin hashrate experienced a new fall. But the hashrate is now slowly recovering, growing above 100 EH/s, which means that the miners that left the country have indeed moved to new locations around the globe.