Short Take: Bitcoin Mining Just Got a Lot EasierBy LongHash
Bitcoin’s mining difficulty dropped 15.1% today. This means it requires 15.1% fewer hashes to mine a new Bitcoin block than it did yesterday.
The last time Bitcoin’s mining difficulty dropped so much was Oct 30, 2011 when it dropped 18%. At the time, Bitcoin was trading at roughly $2 USD. Within 60 days from the mining difficulty drop, Bitcoin was trading over $5.
The genius of Bitcoin’s mining difficulty adjustment is that every drop in difficulty gives previously unprofitable miners new life. When mining difficulty goes down, it becomes easier and more profitable to win block rewards. Bitcoin didn’t die in 2011, and it’s not dying now.