Bitcoin Mining Difficulty Drops by 7.48%

On June 29, Bitcoin mining difficulty dropped by 7.48% to 116.96 T, marking the largest decline since July 2021. Despite this, the hashrate is recovering, and mining profitability is rising as BTC price grows and difficulty falls.

Largest difficulty drop since 2021 recorded

On June 29, Bitcoin mining difficulty fell sharply by 7.48% to 116.96 T, according to CloverPool data. This marks the most significant drop since July 2021 and follows two consecutive decreases. Lower difficulty makes mining easier for operators.

Difficulty is automatically adjusted to keep BTC issuance on schedule: it increases with more mining activity and decreases when miners slow down. Currently, miners need to compute around 117 trillion hashes to find a block and earn 3.125 BTC.

Hashrate indicates recovery of computing power

In late May, difficulty peaked at a record 126.98 T before starting to decline. This is confirmed by a drop in network hashrate — the total computing speed of all active devices — which fell to 672 Eh/s over the past 10 days.

However, in the past 24 hours, hashrate has rebounded to an average of 1.08 Zh/s. It is expected that difficulty will rise again by about 0.87% in two weeks.

Mining profitability increases amid BTC growth

On June 30, Bitcoin traded around $107,000-108,000, gaining 5.5% over the week. The combination of rising BTC prices and falling difficulty has boosted mining profitability, reflected in the Bitcoin Hashprice Index. As of June 29, the index rose to $58 per PH/s per day, levels last seen when BTC hit its record near $112,000 in late May.