The Bitcoin network's mining difficulty plunged by about 11.16% in the last 24 hours, marking the steepest decline since China's 2021 crypto mining ban. This adjustment brings the difficulty to 125.86 T, as recorded at block 935,429, according to CoinWarz. The average block time has exceeded 11 minutes, surpassing the typical 10-minute target.

Projected figures indicate that the difficulty might drop again by about 10.4% to reach 112.7 T during the next adjustment on February 23, according to CoinWarz. Historical data shows that after China implemented its ban in May 2021, several difficulty adjustments occurred, ranging from 12.6% to 27.9% amidst a broader market downturn that saw Bitcoin's price fall significantly.

The recent sharp decline in difficulty coincides with a winter storm impacting the U.S., which disrupted electrical infrastructure and temporarily curtailed mining operations. Foundry USA, a leading U.S.-based mining pool, experienced a loss of about 60% of its hashing power due to the storm. Despite recovering to over 354 EH/s, the overall Bitcoin network's hashrate reached a four-month low, highlighting the ongoing challenges miners face in the current market conditions. These fluctuations underscore the volatile nature of Bitcoin mining and its sensitivity to external disruptions.