Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
Bitcoin mining difficulty dropped significantly by 7.8% on June 5, 2024, reaching levels not seen since before the halving event in April. This marks the largest difficulty drop since the collapse of crypto exchange FTX in 2022.
This downward adjustment in mining difficulty can benefit smaller miners and potentially lead to profits for mining farms. Mining difficulty is adjusted every two weeks and can either surge upwards or pare back. This is because of Bitcoin’s inherent structure, which keeps miners in check by checking the speed of block generation, i.e., whether they are mining too fast or too slow.
"Network hashrate has experienced a 7.8% drawdown, which is comparable to post FTX collapse on December 2022," CryptoQuant head of research Julio Moreno, told CoinDesk in a Telegram message. “Miners’ profitability has been hit as the daily revenues fell from $78 million pre-halving to $26 million currently.”
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