Bitcoin mining difficulty drops 16% for these reasons!
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Answer Bitcoin mining difficulty drops 16% for these reasons!
Bitcoin mining difficulty saw a significant decline at the start of Sunday UTC, as the Bitcoin hash rate dropped dramatically.
Appear data The network’s mining difficulty was revised to 21.05 trillion at block 685,440, a 16% drop compared to an all-time high recorded on May 13.
What are the reasons for the low difficulty of Bitcoin mining?
The average Bitcoin block production period has already increased to 11.8 minutes from May 13, the mining difficulty adjustment date, on May 21, when China’s State Council reiterated at a recent meeting that crackdown on Bitcoin mining and trading activities in China should be taken, which It affected the bitcoin miners in China which in turn affected the difficulty of bitcoin mining.
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After the Chinese State Council’s comment on Friday last week, the seven-day moving average hash rate remained relatively flat around the 150 EH/s level.
As we have listed, the computing power related to Bitcoin has decreased since May 13 due to some factors, most notably the ban proposal from the Chinese State Council.
In addition to some miners beginning the process of migrating from China’s northern provinces to the Sichuan hydropower hub, Sichuan’s power stations have been restricting supply to energy-intensive industries including mining farms due to the late rains this year.
As a result, there was a huge rise in the demand for electricity from the general public, which had to be given priority.
It remains to be seen if and how the Sichuan government will react to the government’s signal to crack down on bitcoin mining activities.
Learn about the impact of the Chinese government’s proposal to ban mining on miners
Unlike its counterparts in Inner Mongolia, where energy is mostly based on fossil fuels, the Sichuan government is hosting a symposium next week to understand the impact of the ban proposal on the local hydropower economy.
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Meanwhile, some Chinese bitcoin miners are looking for overseas power capabilities to migrate their equipment out of China to hedge against future regulatory uncertainty.
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