Bitcoin’s mining difficulty fell markedly late Sunday midnight UTC as the network’s hash rate dropped significantly. Even before comments about China’s crackdown on bitcoin mining.
Data on the network shows that the network’s mining difficulty adjusted to 21.05 trillion at a block height of 685,440, a 16 percent decrease compared to the latest record high on May 13.
Indeed, the average bitcoin block production period has risen to 11.8 minutes between May 13, the latest mining difficulty adjustment date, and May 21, when China’s State Council reiterated at its latest meeting that it was necessary. There must be a crackdown on bitcoin mining and trading activities in China.
That timeout is 18% faster than the Bitcoin network’s 10 minute production block time, meaning the average hash rate between May 13 and 21 has dropped to about 147 times per second (EH/s).
According to the opinion of the State Council of China on Friday. The 7-day moving average hash rate remains relatively stable at 150 EH/s.
As previously reported The computing power connected to Bitcoin has dropped since May 13 due to some factors.
As some miners have begun the migration process from northern China’s provinces to the hydroelectric hub in Sichuan. Power plants in Sichuan have limited supply to energy-intensive industries. Including mining farms due to late rain this year. As a result, there is an increased demand for electricity from the general public who need to pay attention.
It remains to be seen how and how the Sichuan government will respond to the high-level policy signals of the State Council in terms of cracking down on bitcoin mining activity.
The Sichuan government will hold a seminar next week to understand how the simple ban will affect the local hydroelectric economy. different from other countries in Inner Mongolia Most of which are powered by fossil fuels.
Meanwhile, some Chinese bitcoin miners are looking to power talent offshore to migrate their equipment out of China to prevent future regulatory uncertainties.