#4 | The latest adjustment: mining difficulty has decreased by 3.9%

Bitcoin's network has experienced a new reduction in mining difficulty, this time by 3.9%, reaching a level of 70.3 trillion hashes. This change is expected to bring relief to miners as the pressure on them has decreased. However, despite significant growth, the price of Bitcoin still remains relatively low compared to previous highs.

Bitcoin mining difficulty is an indicator reflecting the level of complexity in computations required to find a new block and receive the corresponding mining reward. Every 14 days (or every 2016 blocks), this indicator automatically adjusts to maintain an average block discovery time of 10 minutes, regardless of the network's hash rate. If the block discovery time decreases, the difficulty increases, and vice versa. This difficulty depends on the network's hash rate and the time spent finding previous blocks. The higher the difficulty, the lower the mining profitability.

The previous adjustment was positive, with an increase of 1.6%, reaching a peak of 73.2 trillion hashes. In December, there was a slight decrease in mining difficulty.

Since the beginning of October, mining difficulty has slightly increased, reaching a peak of 57.32 trillion hashes with a growth of 0.35%. In September, difficulty increased by 5.48%, while in August, it set a record at 55.6 trillion hashes, growing by 6.17%. Mining difficulty declined in June and July, with a 2.94% decrease on July 26th.

In July, the Bitcoin network reached a significant milestone - miners surpassed the 800,000 block mark. This means that there are 40,000 blocks left to mine before the next halving. Halving occurs every four years (or every 210,000 blocks) and typically accompanies a rise in the price of Bitcoin, making crypto investors eagerly anticipate this event.

The next halving event, where miners' rewards will be halved, is expected to occur in mid-April 2024.