23 JUL, 2022

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As per the data received from BTC.com, at a block height of 745920,Bitcoin Mining difficulty has fallen by 5.01% constituting the largest decrease in bitcoin in the period of one year.

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The mining difficulty earlier was 29.153 TH/s which has now been reduced by over 5% to 27.69 TH/s.

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Why Bitcoin Mining Difficulty Is Important

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Bitcoin or as a matter of fact cryptocurrencies are based upon decentralized Blockchain.

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The platform uses miners to verify and batch transactions into a block.

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Mining difficulty in layman terms is the difficulty required to mine the next block.

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The Bitcoin Mining difficulty is variable and adjusted every two weeks.

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The bench mark for the difficulty is set in such a way that it requires around 10 minutes to mine the next block.

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The system is designed in such a way that when more miners and mining companies enter the fray, the BTC mining difficulty increases.

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