After relocating the Chinese miners – Bitcoin difficulty increases again
The mining difficulty of (BTC), i.e. the degree of difficulty in mining the market-leading cryptocurrency, has plummeted in recent weeks after the Chinese government cracked down on the domestic mining industry. Since June 17, 2021, however, the level of difficulty has been steadily increasing again.
The reason for this is that some of the Chinese miners – the Middle Kingdom accounts for almost three quarters of the global hashrate of Bitcoin – are slowly moving abroad, which increases the available computing power and consequently the degree of difficulty for mining again. The difficulty has recently increased by 13.77%, which means that 15 Terahash (T) have been posted for the first time since the second week of June. For the next adjustment on August 27, an increase to 15.63 Terahash is forecast accordingly.
Before the Chinese government put pressure on domestic Bitcoin miners, the mining difficulty had reached a maximum of 25 terahash. However, regulatory pressure then reduced the number of operating miners and, with it, competition in validating blocks on the Bitcoin network. As the data from Statista shows, China’s share of the global mini-nig has shrunk to 46% as a result, while the US has absorbed most of this decline with an increase of 17%.
Read on on Cointelegraph
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