Mining Bitcoin just grew easier amid recent weeks’ crypto markets swoon, although the trend is unlikely to continue, experts in the space say.
The network’s difficulty fell Sunday from over 114 trillion to 110.5 trillion, data provider CoinWarz shows. The drop comes as Bitcoin’s price has plummeted. On Wednesday afternoon, BTC ($84,241.04) traded below $83,000 for the first time since early November, according to crypto data provider CoinGecko.
Declines in mining difficulty during bear markets are typical. As prices dip and demand for assets wanes, some companies may cut their mining capacity, pulling devices offline to conserve power. The latest drop also coincides with a brutally cold winter spell in many parts of the U.S. that has ratcheted up energy prices.
When markets are flourishing, the mining network grows, increasing difficulty. Difficulty has spiked throughout Bitcoin’s 16-year history as the expanding ne…
