Cryptocurrency mining bans in China continue to bear fruit. The difficulty of mining bitcoin has significantly decreased to the levels of the beginning of last year.
The latest data suggests that the difficulty of mining the first cryptocurrency has decreased by 45% from the peak values that were reached in the second half of May. The mining difficulty is recalculated every two weeks, or rather, every 2,016 blocks.
On July 3, another recalculation of the mining difficulty took place, and within its framework, the indicator decreased by a record 28%. This decline was caused by bans on mining in China, associated with concerns about the harm of mining cryptocurrencies for the environment. After that, the average hash rate of the Bitcoin network in seven days decreased from 136 Eh / s to 85 Eh / s. That is, the drop in hash rate in two weeks was about 35%.
At the moment, each terahash per second calculated by the mining equipment brings 0.00000931 BTC, which is about twice the previously used values. That is, the miners remaining in the ranks earn twice as much as in May.
In connection with the bans on mining in China, companies engaged in the extraction of bitcoin and other cryptocurrencies have begun to move their capacities to other countries. Russia also did not stand aside – the Russian Association of the Cryptoindustry and Blockchain (RAKIB) announced the launch of a project, within which it is planned to attract miners to place capacities in Russia.