The Bitcoin (CRYPTO:BTC) network recently underwent its second-largest difficulty reduction of the year, decreasing by 5% on July 4, 2024, to 79.5 trillion.

This reduction follows another significant drop of 5.62% earlier in May, both occurring post the fourth halving event.

Despite maintaining a hash rate of 582.33 exahash per second (EH/s), miners are facing increased pressure due to low Bitcoin prices affecting hashprice levels and mining revenue.

The upcoming difficulty retarget scheduled for July 19th suggests ongoing adjustments to accommodate current market conditions.

These developments underscore the dynamic nature of Bitcoin mining, where external factors can influence network operations and miner profitability.