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Easier Bitcoin Mining After China Crackdown

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Thanks to China, Bitcoin becomes easier to mine

Bitcoin ‘mining’ became easier after the mining and trading crackdowns from China.

In the past few months, China has strongly implemented a series of measures to prevent Bitcoin mining activities, due to concerns about the impact on the environment. This causes miners to leave China for crypto-friendly countries.

According to the report, an estimated 90% of mining facilities are closed. Bitcoin mining in China accounts for 65% to 75% globally.

The total hashrate of the Bitcoin network plummeted after China’s crackdown. Bitcoin’s hashrate dropped from a record 180.7 million TH/s in mid-May to around 116.2 million TH/s on Wednesday, according to Blockchain.com data.

While this is not good news for Bitcoin miners in China, others benefit.

Experts said that as many Chinese miners had to shut down because of the ban, the market share of other miners in the network increased, making mining easier.

“As more hashrates leave the network, the difficulty will decrease and those that are still active on the network will receive more mining rewards,” said Kevin Zhang, VP of mining company Foundry.

Meanwhile, Bitcoin network difficulty (a measure of how difficult it is to mine Bitcoin) dropped from a record above 25 trillion in May to 19.9 trillion last week. This leads to less competition among miners.

However, another big factor that determines profitability for miners is the price of Bitcoin. The asset’s price has more than halved from its record high in April. This is due to negative comments from Elon Musk and China’s crackdown on the industry.

Currently, Bitcoin is trading around the $33,000 mark.

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