Wu Shuo learned from Galaxy Research that Bitcoin mining difficulty has currently fallen by about 18.5% from its historical peak, the largest pullback since the 2021 large-scale crackdown and cleanup of Bitcoin mining in China. Mining difficulty automatically adjusts based on changes in the network’s total hashrate to maintain an average block time of about 10 minutes; a drop in difficulty typically reflects some miners powering off or the network’s total hashrate declining.