The Bitcoin network mining difficulty dropped by 11.16% in 24 hours, the largest single adjustment since China’s 2021 ban on crypto mining. The difficulty is at 125.86 T, impacting block time. China’s ban led to several downward adjustments between May and July 2021. Bitcoin price crashed over 50% due to market downturn and US winter storm.

Winter Storm Fern hit the US, causing power outages and disruptions. US-based Bitcoin miners reduced energy usage, affecting the network hashrate. Foundry USA’s hashing power dropped by 60% during the storm. Despite this, Foundry USA’s hashrate has recovered to 354 EH/s, holding 29.47% market share. Bitcoin network hashrate hit a four-month low in January.

Read more at Cointelegraph: Bitcoin Mining Difficulty Drops by 11% Amid Steep Market Downturn