The difficulty of Bitcoin mining has dropped by 6% to 15.13 T. This is the third fall this year and the first since the BTC halving, which occurred on May 11.
As a result, some of the miners who decided to turn off their devices after the halving because the activity was no longer profitable for them can keep mining with profits. Glassnode analysts have said:
"This adjustment was expected and accounts for the recent decline in hash rate after the halving."
However, this slight decline may not be enough to bring the average block time back to 10 minutes. This is due to the fact that the two-week period for which complexity is calculated has included a week before the halving, when miners focused all their capacity to mine blocks before the reward was reduced by half. As a result, the average mining time for a block was 10 minutes and 39 seconds, while in recent days it has approached 14 minutes. Kevin Zhang, director of blockchain strategies at mining company Greenidge Generation, said:
"We believe that, as the halving approached, miners in China sprinted from mining, even with older generation machines, to make the most of the final days of the top block rewards."
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