Bitcoin network underwent its highest mining difficulty adjustment to date with a 28% decline. The mining difficulty adjustment comes at a time when the network hashrate has fallen by over 50% owing to an exodus of Chinese miners from their country in light of government crackdown.
China was the epic center for Bitcoin mining, accounting for the majority of the network’s hash rate input. However, the recent strict crackdown has led to the shutting down of some of the biggest mining farms in the country. This sudden blackout from Chinese miners had led to an elevated block generation time where the average time reached over 20 minutes compared to the usual 10 minutes, Bitcoin network also recorded its second-highest block generation time a couple of days back when block 689301 took 139 minutes to mine.
The prolonged block generation time and lower miner input had also led to a significant decline in mining profitability over the past month for Bitcoin as well as Ether. Bitcoin miners saw their profitability in June reduce by 42% compared to May while Ether miners saw their mining profitability deplete by 52%.
Latest Mining Difficulty Adjustment Would Make Miners More Profitable
The Bitcoin network’s mining difficulty was designed for days like these and the latest 28% decline in difficulty would bring down the block generation time close to 10 minutes. Apart from improving on the Block generation time, the latest difficulty adjustment would also make American miners more profitable.
The shutdown of Chinese Bitcoin mining farms followed by the biggest mining difficulty adjustment is being portrayed as one of the most historical days in the Bitcoin network’s history. This is mainly because the Chinese miner’s exodus has made the Bitcoin network more decentralized. The move would also push for cleaner mining as countries trying to lure Chinese miners have better regulations in place.
Trending Stories
- Breaking: Do Kwon Releases Another LUNA Revival Plan
- Just-In: Grayscale Adds Five New Tokens To Its Investment Products
- Another Stablecoin Follows LUNA $UST, Crashes Within Hours
- PlanB: Bitcoin (BTC) Is Creating A Bottom For The Next Bull Market
- Shiba Inu Holders Increase Amid Market Crash, But There’s A Catch
- LUNA Crash: South Korea Toughens Up Investigations Over Terra (LUNA) Crisis
- Avalanche (AVAX) Slumps 5% In Minutes On Fears Of Terra Dump
- Breaking: Luna Foundation Guard Reserves Decimated By Terra Crash
- Breaking: Luna Foundation Guard Member Says Terra Reserves En Route
- Just-In: El Salvador To Discuss Bitcoin Adoption With 44 Countries
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?
- ETH Price Analysis: Consolidation Range Soon To Launch ETH Above $2250
- Bitcoin Price Analysis: Triangle Breakout Sets BTC Rally To $32000 Mark
- LUNA Price Analysis: Opportunity to Buy Cheap or A Bull Trap?
- Decentraland Price Analysis: MANA Price Prepares For 60% Gains; Are You Buying?
- SOL Price Analysis: Is $60.0 Around The Corner On The 4-hour Chart?
- DOGE Price Analysis: Wedge Pattern Retest Phase Warns $0.08 Fallout
- Ripple Price Analysis: XRP Price Remains Pressured below $0.50; Is Selling A Good Choice?
