Bitcoin mining difficulty will see its biggest drop since the March crash today - 15%!

Bitcoin (BTC) mining difficulty could drop to levels not seen since August, with a forecasted drop of nearly 15% in difficulty, similar to what Bitcoin miners experienced after the March market crash.

According to BTC.com, the next readjustment will take place this Tuesday (this evening), and after weeks of almost steady growth, Bitcoin’s mining difficulty, or a measure of how hard it is for miners to compete for rewards, could drop by 15%, which would be a very noticeable change.

Over the past few weeks, Bitcoin mining has been dealing with historically high difficulty levels, around 20.00 T.

The newly adjusted numbers could see difficulty drop to below 17 T, similar to levels recorded late summer this year, improving overall profitability of mining.

In addition, according to reports, industry insiders estimate that after this adjustment, Bitcoin transaction fees may also decrease, while BTC transfer speed may also increase. Since October 30, transaction fees have reached $3.6 per transaction.

Here is a piece of science: the difficulty of Bitcoin mining is adjusted every two weeks (or every 2016 blocks to be more precise) to maintain a normal block time of 10 minutes. It broke through 14 minutes last week and was corrected to below 12 minutes yesterday.

In addition, the total network hashrate of Bitcoin has dropped significantly recently, from a peak of 140EH to around 100EH at the end of June this year. The reason for the drop is reportedly due to Chinese miners relocating and eliminating mining equipment for the arrival of the dry season.