The Bitcoin network has witnessed a massive drop in its mining difficulty today on November 3, 2020. Reportedly, a drop of approximately sixteen percent was noted in Bitcoin’s mining difficulty adjustment. It is the second-biggest Bitcoin mining difficulty drop seen by the network in the history and the largest one in the past nine years. Meanwhile, the price of Bitcoin remains stable.
Largest Percentage Drop since 2011
According to the data shared by BTC.com, the level of Bitcoin mining difficulty adjustment fell to 16.7 trillion earlier today on Tuesday. Previously, the mining difficulty level was standing at 20 trillion. This represents a drop of around 16.05 percent. The mining difficulty by the network was adjusted at around 8:28 UTC on the 3rd of November.
This difficulty adjustment drop is the second-largest one in percentage in the entire history of the world’s largest blockchain network Bitcoin (BTC). And it is the largest one since the year 2011. The biggest mining difficulty drop occurred in the month of October in 2011 nine years ago from now. At that time, the downward adjustment percentage was noted at -18 percent. It is also the major difficulty drop since the year 2013 when Bitcoin mining stepped into the ASIC era.
As per the data presented by the blockchain analytics firm Glassnode, the mining difficulty drop was previously noted a few months ago in March this year when it jumped above -15.9 percent. Glassnode said in the tweet:
“We just observed the 2nd largest negative #Bitcoin mining difficulty adjustment in history: -16% It topped the -15.9% change in March this year. The only other time difficulty saw a larger downwards adjustment (-18%) was over 9 years ago, in Oct 2011”.
No effect on the price of Bitcoin (BTC)
Though the Bitcoin network has faced the largest percentage decrease in its mining difficulty adjustment it has not affected the price value of the top-ranked digital currency Bitcoin (BTC).
Bitcoin’s price remained stable and did not decline over this news. As per the data from CoinMarketCap, the coin is currently trading at around $13,700 with a change rate of approximately 1.71 percent in the last 24 hours, at the time of writing.