- Bitcoin’s difficulty adjustment is a self-correcting mechanism that changes how difficult it is to mine Bitcoin based on the network’s mining activity.
- Recently, it dropped 6% in a move that was expected after miners saw their revenues slashed following the halving.
- If Bitcoin’s price was below $9,000, it likely would have corrected by a larger margin.
Bitcoin’s mining difficulty—a metric that dictates how hard it is to find the next block in Bitcoin’s blockchain—adjusted downwards by 6% yesterday in response to drooping hashrate after Bitcoin’s third halving.
The difficulty adjustment is a routine, self-executing mechanism that is meant to keep Bitcoin’s mining landscape balance. Many industry analysts expected the drop, considering miner revenue has been cleft in two since the halving. (The halving, for the uninitiated, is a once-in-roughly-four-years event that is baked into Bitcoin’s code; it’s meant to reduce mining rewards and keep inflation in check.)
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