
Bitcoin faces biggest mining difficulty drop since 2021
Bitcoin's mining difficulty is set to decline by an estimated 10.3% on June 13 after a prolonged drop in Bitcoin prices reduced miner profitability and forced some operators to disconnect computing power from the network.
The adjustment would rank as the eleventh-largest negative difficulty change in Bitcoin's history and follows another major 11.16% decline recorded in February this year.
Bitcoin was trading at around $62,826 during the latest session, up 2.23% over the previous 24 hours but still down about 15% since the beginning of June.
Mining difficulty automatically adjusts to changes in network participation, with the protocol lowering the difficulty level when miners exit the network and block production slows below the target rate.
The upcoming adjustment highlights growing pressure on the mining sector as lower prices reduce revenues and make operations uneconomical for higher-cost producers.
The largest difficulty decline on record occurred in July 2021 when China's nationwide mining ban triggered a 27.94% adjustment, while other major reductions followed the 2020 pandemic market crash and earlier regulatory crackdowns.
The lower difficulty level is expected to reduce mining costs for remaining operators and restore block times toward 10 minutes, although analysts said a break below the $62,000 support area could expose Bitcoin to a historical volume support range between $25,500 and $31,500.
At the time of reporting, Bitcoin price was $63,548.06.