According to BTC.com data Bitcoin mining difficulty has dropped -5.30Â percent on 14-6-2021.
Bitcoin network faced two negative adjustments, -5.30 percent on June 14 and -15.97 percent on May 30. Â
BTC mining difficulty which is a measure of how difficult it is for miners to mine a new block and add it to the blockchain dropped from 25.046 trillion to 19.932 trillion in one month.
Estimated next BTC mining difficulty, which will be calculated after 9 days hints further -11.39% drop.
Back in December 2018, Bitcoin had three consecutive negative difficulty adjustments in a row. At that time crypto market prices were falling rapidly and miners were busy switching off their equipment in large quantity. Bitcoin touched $3,125 on Dec. 15, 2018, which was an 85 percent correction from December 2017 All-Time High.
China Crack Down On BTC Miners Is For Real
Sharp falling BTC mining difficulty is because of China’s Sichuan province halting Bitcoin mining. Thanks to Chinese authorities, it has become a lot easier to find and add new blocks in Bitcoin blockchain.
26 mining companies were given strict order from China National Development and Reform Commission (NDRC) and Sichuan Energy Bureau to finish off their mining operation. BTC miners had to switch off their mining machines on Saturday.
AntPool and Huobi.pool lost over 30 percent of their hashrate, Foundry USA was the only mining pool was able to remain in the green.
In Q3 2019 Sichuan was responsible for 37 percent of global hashrate because of plentiful hydroelectricity. Leaving Sichuan is a big blow to BTC mining firms.
Before Sichuan, Inner Mongolia, Qinghai, Yunnan and Xinjiang also moved to clamp down on the mining industry.
Bitcoin current hashrate is 124.97 EH/s, which is down 48 percent from its Apr 15 peak of 198.514 EH/s.
According To 8BTCnews:Â
“On June 20 all Bitcoin and other virtual currency mining facilities in Sichuan will be powered off.”
China's Bitcoin mining industry will soon usher in a historic moment. It is reported that at 0:00 on June 20 (1 and a half hours left), all Bitcoin and other virtual currency mining facilities in Sichuan will be collectively powered off.
— 8BTCnews (@btcinchina) June 19, 2021
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
