For the fourth time in a row, Bitcoin experienced a reduction in its network hardness rate. This has been unprecedented in the last 10 years. The difficulty of the bitcoin network has now reached its lowest level in a year, about 14 trillion.
to the the report Crypto Potito, the hardness of the Bitcoin network, fell another 5 percent in the last 24 hours.
Bitcoin blockchain has the ability to adjust itself according to the number of active miners in the network. The Bitcoin network makes the job harder or easier for miners after each 2,016 blocks are extracted, which takes about two weeks.
With mining banned in China, the country with the most bitcoin network hashtags, miners were forced to leave their businesses. While Chinese miners are looking for new places to settle, the network has been affected and the hash rate has dropped by more than 50% in a matter of weeks.
The bitcoin network hardness adjustment mechanism reacted in several cases and reduced the hardness. The last difficulty adjustment took place on July 3, which was accompanied by the largest difficulty reduction in the history of Bitcoin.
This weekend we also saw another reduction in the difficulty of the network. According to btc.com, the hardness reduction during this period was 4.81%. This is now the fourth consecutive hardship reduction on the network, something that the Bitcoin blockchain is not used to.
The last time there were 4 or more (8 times) consecutive reductions in the bitcoin network dates back to 10 years ago, between August and November 2011 (August to November 90).
In contrast, there have been 56 consecutive increases in difficulty from the beginning of 2013 to the end of 2014. With the latest reduction in network stiffness, the benchmark has reached its lowest level in a year, about 14 trillion.
As mentioned, the bitcoin hash rate, which represents the total computing power used by miners, fell to its lowest level in two years as China increased restrictions on miners. At that time, this measure reached 68 exacerbations per second (EH / s).
The situation then improved with the subsequent adjustment of hardships and the migration of Chinese miners to other countries, which were mostly to the west. At the time of writing, the bitcoin hash rate has increased by almost 50% from its low level in late June and now stands at about 100 exemptions per second.