Bitcoin Mining Difficulty Dives 10.09% Amid Ongoing Price Decline

The Bitcoin mining difficulty dropped by 10.09% on Sunday, marking the blockchain's 11th-largest downward adjustment and easing some of the pressure on miners.

Galaxy Research reported that the mining difficulty fell from 138.96 trillion to 124.93 trillion at block 953,568 on Sunday, which is the second biggest drop this year and a 20% decrease from its peak in November.

The price of Bitcoin (BTC) has fallen by around 15% so far in June, squeezing miner margins, according to Galaxy Research.

The epoch, or the time between when mining difficulty is adjusted, ran for 15.6 days, above the typical 14 days, due to a decrease in hashrate.

This drop means that Bitcoin miners will have an easier time mining blocks as there is less competition due to the falling hashrate.