Bitcoin Mining Hash Rate Improves By '+13.77%'.
2021-08-13 | Mike Hallen
The mining difficulty of the Bitcoin network took a dive after China had revealed a crackdown on mining operations, that at its peak contributed to three-quarters of
the worldwide hash rate.
The newest data from BTC.com reveal an ongoing spike in Bitcoin’s mining difficulty
ranging from 17
th June 2021.
As miners from China slowly
calm down in cryptocurrency-friendly countries, the Bitcoin ecosystem witnessed a 13.77% hike in mining difficulty in two consecutive jumps, exceeding 15 terahashes [TH] for
the primary time since the second week of June. Subsequent adjustment
is predicted to commence on 27
th Aug., estimated to surge
the issue to 15.63 TH.
Before China’s crackdown on the native miners, Bitcoin’s mining difficulty peaked at 25 TH. The sudden decline
within the number of Chinese miners had lessened the competition in confirming blocks. This permitted
the prevailing miners on the network
to form higher profits. Data from Statista
reveals that China’s contribution towards Bitcoin [
BTC] mining has reduced
to just solely 46%, while the
U.S. has been
learning the slack, hosting almost 17% of
the worldwide mining hash rate.
Within a CNBC
story on the matter, Quantum Economics cryptocurrency analyst Jason Deane highlighted that the network’s latest difficulty adjustment mechanism has made it 7.3% less profitable to mine Bitcoin.
Concluding the discussion, Mike Colyer, CEO of Foundry -
a New York-based digital currency group - explained:
“There is a huge amount of machines exported out of China that require to seek out new homes.”
Colyer also believes that the new generation of mining rigs is more efficient and would “double the hash power for
the equivalent amount of electricity.”
China’s move against Bitcoin mining was credited to energy concerns due to the electricity consumption of mining operations. Solely after the crackdown, Canada, Kazakhstan, Russia,
and therefore the United States came forward as the best options for migrating Bitcoin miners.
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