Bitcoin Mining Difficulty Drops 3.6% in Latest Adjustment

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The difficulty level for Bitcoin mining fell 3.59% on Tuesday morning in Asia, after some US mining companies went unplugged due to deadly winter storms over the holiday season, in addition to persistent liquidity shortages. mainly caused by low Bitcoin prices and high energy costs.

See related article: Bitcoin Hashrate Drops Nearly 40% as Deadly US Storm Unplugs Miners

Fast facts

The mining difficulty reading came in at 34.09 trillion at a block height of 770,112 in Tuesday’s bi-weekly adjustment, following a 3.27% increase in the previous adjustment on December 19, according to data from BTC.com.

The latest Bitcoin mining difficulty reading was nearly 40% higher than January 8 of last year, when the hard reading was 24.37 trillion.

The bitcoin mining difficulty, which determines the computing power needed to verify blocks on the blockchain in exchange for bitcoin rewards, changes approximately every two weeks.

Bitcoin’s seven-day average hashrate, a measure of the computing power used by miners, was around 256.7 exahashes per second on Monday, down from a seven-day average of 245.1 exahashes on Dec. 19, according to the data from Blockchain.com.

The price of bitcoin hit an all-time high of over US$67,000 in November 2021, but has since fallen 75% to trade at around US$16,695 midday Tuesday in Asia, according to data from CoinMarketCap.

The Bitcoin mining rate of return stood at $0.058 per terahash per second in the past 24 hours, up from $0.233 a year ago, according to data from BitInfoCharts.

Many US-based miners were forced to shut down their facilities last month due to deadly blizzards.

See related article: US Crypto Miner Core Scientific Files for Chapter 11 Bankruptcy and Continues Mining Bitcoin

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