The Bitcoin mining difficulty is crucial to both miner profitability and ensuring that BTC is not mined faster than the protocol allows.
The Bitcoin (BTC) mining difficulty hit an all-time high of 127.6 trillion this week, but is projected to drop during the next difficulty adjustment on August 9.
Mining difficulty is expected to fall by about 3% to 123.7 trillion in the next adjustment period, and the current average block time is about 10 minutes and 20 seconds, according to CoinWarz.
Data from CryptoQuant shows that the mining difficulty fell in June, with a sharp drop-off at the end of month and the first two weeks of July, when difficulty fell to 116.9 trillion. However, the difficulty level resumed its long-term uptrend in the latter half of July.
