The difficulty of mining bitcoin dropped another 5.3% after another recalculation on Sunday evening. Now the figure is 19.93 trillion – it has not dropped to this level since January.
Mining difficulty peaked on May 13, above $ 25 trillion, but has experienced two consecutive declines since then. This happened against the backdrop of the resumption of the struggle of the Chinese authorities against the illegal mining of cryptocurrencies. On June 9, the Xinjiang authorities issued an order to immediately stop mining in the Zhongdong Economic and Technological Development Zone. Since then, the computing power of some of China’s largest mining pools has dropped by more than 20%.
Until June 9, the average block release rate on the bitcoin network in the last difficulty interval was 9.9 minutes, thus ahead of the standard release rate of 10 minutes. However, due to the decrease in the hash rate from June 9 to June 14, it exceeded 12 minutes.
The reduction in complexity will have a positive effect on the results of miners still remaining on the network, which is especially important in light of keeping the price of bitcoin below $ 40,000. Earlier it was reported that the Yunnan authorities also banned mining in the province, but industry participants did not confirm these messages. Subsequently, the Yunnan Energy Bureau clarified that it would shut off consumers who illegally use electricity to mine cryptocurrencies and do not pay their bills, as well as pose risks to the region’s power grid.
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