The process of BTC mining got 6% more difficult during the first positive adjustment since May after four consecutive drops as we are reading more in today’s Bitcoin price news today.
Following two months of mining easing as the Chinese miners went offline, the BTC mining got 6% more difficult in the latest fortnightly change as per the data on BTC.com. The difficulty level is a measurement of how difficult it is to mine the crypto. Today however marked the first positive adjustment since the crash started in May and the crash hastened by anti-BTC mining regulation from China led to four consecutive difficulty drop.
Bitcoin mining difficulty measured how much computer power is required to earn BTC from validating transactions on the network. The network adjusts the difficulty once the fortnight reflects competition among miners. The more miners trying to earn BTC, the harder it becomes to mine BTC. The Difficulty peaked in mid-May when the fortnightly adjustment increased the difficulty level by 21.53% a record high but since then, BTC’s difficulty rate was on a downward spiral. The difficulty decreased in June and July after Chinese miners that were responsible for an estimated 65% of the network’s hash rate that moved en masse or sold mining machines to foreign farms after china launched a new campaign to curtail BTC mining in the country.
At the beginning of July, BTC recorded the biggest difficulty drop but then it dropped by 28%. in the next adjustment, Bitcoin’s mining difficulty dropped by a further 4.81%. Ben Gagnon who is a chief mining officer at Toronto-based Bitfarms, said that the on-chain data indicate about all of the Chinese hashrate had come offline. Today’s positive adjustment shows that some of the machines came back online.
As reported recently, According to the University of Cambridge’s Centre for Alternative Finance and China still accounts for 46.04% of the BTC monthly hash rate which is down 20% since April. At the time of the end of June, Bitcoin’s hash rate started increasing and the hash rate has recovered 20% since. Bitcoiners had to weather the storm that came from China but the network is starting to bounce back. While today’s hash rate of 101.6 EH/s is still 99 EH/s off the network’s previous ATH, it looks like the miners survived the worst.
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