Letter #20: Bitcoin's Recent Difficulty Adjustment is Business As Usual

Dear Readers,

Bitcoin, which is known for having rather stable software code, recently underwent a significant change that was pre-programmed and anticipated years in advance. In the early morning hours of July 3rd, Bitcoin’s mining difficulty experienced the largest drop in its history, decreasing by nearly 28% from one block to the next. While this event may seem detrimental to Bitcoin and its security in the short run, it’s important to note that Bitcoin kept operating without fail throughout the adjustment, just as it has through several hundred other adjustments in the past, and just as it will far into the future: