Bitcoin Mining Difficulty Drops 7%

Hey ninjas how’s the trading going? After Bitcoin’s rise above $9K, the largest cryptocurrency has dipped once again. At press time BTC is trading at $8,717 and is reporting 1.29% in the last 24 hours. The majority of the top cryptocurrencies are also reporting moderate losses on the day. 

Bitcoin mining difficulty has reportedly fallen to the lowest its been since 2018. BTC mining difficulty refers to how much effort is required to solve equations on the Bitcoin network. Alistair Milne a British cryptocurrency commentator and investor sent out a Tweet On Monday,  in the tweet he stated that Bitcoins mining difficulty has fallen to the lowest its been since December 2018, he pointed out that the difficulty fell after its adjustment on the 8th of November 2019. 

Bitcoin's difficulty in December 2018 was at 5.1 trillion and traded at $3,100 at the time, in 2019 Bitcoin’s difficulty increased drastically and reached an all-time high 13.7 trillion and corrected to 12.7 trillion. According to Alistair Milne Tweet, the average cost of mining Bitcoin is $8,000. 

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