Crucial Bitcoin Mining Difficulty Plunges 7.48% Amidst Global Heatwaves

Key Points

1. Bitcoin mining difficulty dropped by 7.48% to 116.96T on June 29, influenced by extreme heatwaves and potential power outages.

2. The adjustment ensures the network maintains a target block time of approximately 10 minutes, regardless of miner activity.

3. Extreme temperatures in the US challenge miners by increasing cooling demands and operational costs for ASIC machines.

4. Iran, contributing ~4% of the global hash rate, may have experienced unconfirmed power outages, reducing its mining output.

5. A lower mining difficulty benefits remaining miners by increasing profitability and maintaining network security during disruptions.