Mining difficulty of Bitcoin took a dive second time
China announced the crackdown on mining operations and Bitcoin mining difficulty took a dive which is performing at its peak right now, and it is also shown on the BTC.com that from the June 2021 mining difficulties started.
As miners from China slowly settle down in crypto-friendly geographies, the Bitcoin ecosystem witnessed a 13.77% increase in mining difficulty in two consecutive jumps, exceeding 15 terahash (T) for the first time since the 2nd week of June. The next adjustment is expected to commence on August 27, estimated to increase the difficulty to 15.63 terahash.
Miners were just used to these facts till then bitcoin mining reached the new peak of the difficulties and reached to 25 terahash and the numbers of the miners from China has decreased at a go.
Miners get the high profit on the network. Data we have got from the Statista shows that China's contribution towards the mining of the bitcoin has reduced to nearly 46% while the US picked up the slack and hosted the 17% of the total global mining hashrate.
In a CNBC coverage on this matter, Quantum Economics crypto 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 a New York-based digital currency group said:
“There is an enormous amount of machines coming out of China that need to find new homes.”
Colyer also believes that the new generation of mining rigs is more efficient and would “double the hash power for the same amount of electricity.”