The drop in mining difficulty should spell relief for the largest mining firms.
Bitcoin mining difficulty dropped by more than 5% on July 5 to a quarterly low of 79.50 terahashes (79.5T). This marked the largest reduction since March when the difficulty briefly dipped below 80T.
Difficulty spiked between March and May, when it reached an all-time high of 88.10T before beginning a slow settling to where it currently stands as of the time of this article’s publication.
Bitcoin mining difficulty is a measure in hashrate which, basically, is a measure of how many guesses a mining machine should be expected to make before it solves the cryptographic puzzle necessary to unlock one of the remaining bitcoins.
