Crypto: Bitcoin Difficulty Drops By Over 11%, Sharpest Drop Since 2021...

The Bitcoin network's mining difficulty dropped by as much as 27% within a single adjustment period during China's 2021 crypto mining ban.

The Bitcoin network mining difficulty, a metric tracking the relative challenge of adding new blocks to the Bitcoin (BTC) ledger, fell by about 11.16% in the last 24 hours, the worst drop in a single adjustment period since China’s 2021 ban on crypto mining.

Bitcoin mining difficulty is at 125.86 T and took effect at block 935,429, data from CoinWarz shows. The average block time is over 11 minutes, overshooting the 10-minute target.

Difficulty is projected to fall again in the next adjustment on February 23 by about 10.4% to 112.7 T, according to CoinWarz.

China announced a ban on crypto mining and began enforcing a crackdown on digital assets in May 2021, resulting in several downward difficulty adjustments between May and July 2021, ranging from 12.6% to 27.9%, according to historic data from CoinWarz.

The steep downward adjustment came amid a broad crypto market downturn, which crashed the price of Bitcoin by over 50% from the all-time high of over $125,000 to a low of $60,000, and a winter storm in the US that caused temporary miner downtime.

Related: Bitcoin's 'miner exodus' could push BTC price below $60K

A severe winter storm swept through the United States in January, impacting 34 states across 2,000 square miles with snow, ice and freezing temperatures that disrupted electrical infrastructure.

The disruption to the power grid caused US-based Bitcoin miners to temporarily curtail their energy usage and halt operations, reducing the total network hashrate, the amount of computational power expended by miners to secure the Bitcoin protocol.

Foundry USA, a US-based mining pool and the biggest mining pool by hashrate in the world, briefly lost about 60% of its hashing power amid winter storm Fern.

Source: CoinTelegraph