For the first time since July 2021, Bitcoin mining difficulty has dropped significantly. Interestingly, the drop has happened not once but twice within the space of this month alone. Meanwhile, Pantera CEO believes that Bitcoin price could reach $400k by 2025.
Bitcoin Mining Difficulty down
According to data from Glassnode, Bitcoin’s mining difficulty dropped by 0.35% on March 17. This followed the first drop of 1.5% the flagship digital asset had seen earlier this month.
Bitcoin mining difficulty is an automatic adjustment proportional to the network’s computing power, otherwise termed hash rate.
Notably, the Bitcoin mining hash rate had reached an ATH of 248 EH/s in February, leading to declarations that the asset has fully recovered from the China ban on mining activities within its jurisdiction last year.
Judging by the current happenings around the world, the drop is not entirely surprising considering the fact that Russia is one of the few countries that crypto miners had migrated to from China. Russia has been facing economic sanctions from the rest of…