Bitcoin Mining Difficulty Finally Drops From Forgoing Texas Miners

Bitcoin miners in Texas were recently given incentive to shut down operations amid record breaking temperatures in the state. Due to those rising temperatures, energy shortages have arose (the same happened in February with very low temperatures bringing energy issues. Many miners in February voluntarily shut down operations to allow residents to receive power for heat. Bitcoin miners in Texas are required by law to turn off their mining machines when the state faces energy shortages.

The mining difficulty dropped 5% yesterday as miners in Texas shut down operations to lower power demands in the area over the last two weeks. The previous significant drop occurred in June 2021 shortly following China’s crypto crackdowns. While yesterdays drop in difficulty was not as momentous as the one in June 2021, it was the largest drop since then.

Even among the Terra Luna crash, Bitcoin’s mining difficulty kept steadily rising even though price of BTC and mining profits were significantly dropping. Bitcoin’s mining difficulty is automatically readjusted every two weeks to ensure that mining a block takes around 10 minutes.