On July 5th, the Bitcoin mining difficulty experienced a significant decrease of over 5%, hitting a quarterly low of 79.50 terahashes (79.5T). This reduction represents the most substantial drop since March, when the difficulty briefly dipped below the 80T mark.

During the period between March and May, the difficulty showed a remarkable increase, reaching an all-time high of 88.10T before gradually stabilizing at its current level as of the time of writing.

Bitcoin mining difficulty is a measure of the effort required to solve a cryptographic puzzle and unlock new bitcoins.

It is represented in hashrate, which indicates the number of calculations that mining machines need to perform in order to successfully solve the puzzle. As more miners join the network, the difficulty increases to ensure that new bitcoins are not generated too quickly.

This system helps regulate the supply of bitcoins and maintain the security of the network.

Every 2,016 blocks, which is roughly two weeks, the hash rates are updated. Over the duration of Bitcoin’s existence, the hash rates have typically experienced monthly growth, with only a few instances of stagnation.

In the year 2014, the hashrate measurement for Bitcoin mining was approximately 1.1 gigahashes. This means that it was feasible for most desktop PCs to engage in mining activities.

It’s important to note that the hashrate serves as an indicator of the computational power required for profitable mining. As the hashrate increases, the mining rig needs to be more powerful and energy-efficient to remain profitable.

By the end of 2017, as more people started using it, the hash rates for cryptocurrency mining reached the terahash milestone for the first time. As of July 6, 2024, the hash rates are holding steady at 79.5 terahashes until the next difficulty update.