The Bitcoin network revised mining difficulty down 7.3 percent. The network thus significantly reduces the relative difficulty of finding a valid hash for the next bitcoin block. The reason for the correction is the slump in the hash rate as a result of the capitulation of the miners in the market.
For some time now, we have been receiving news about crypto mining companies that have gone bankrupt, or are on the brink of bankruptcy and have had to take their ASICs offline.
The hash rate has consolidated to about 234 EH/s from its all-time high of 269 exahashes per second (EH/s) — a 13 percent correction.
The next Difficulty Retargeting is expected to take place on December 20th.