Mining Bitcoin About to Get easier After China Crackdown?
Bitcoin hashrate has decreased from180.7 million terahashes PS to 116.2 million PS since Chinas recent crackdown on mining
Mining bitcoin could be about to get a whole lot easier after China’s crypto crackdown
“Crypto experts say that, with more bitcoin miners going offline due to China’s restrictions, other miners’ share of the network will increase, potentially making mining much more lucrative.
‘As more hashrate falls off the network, difficulty will adjust downwards, and the hashrate that remains active on the network will receive more for their proportional share of the mining rewards,’ Kevin Zhang, vice president of crypto mining firm Foundry, told CNBC.
Meanwhile, the network difficulty of bitcoin — a measure of how hard it is to mine bitcoin — went from a record above 25 trillion in May to 19.9 trillion last week. Mining difficulty is adjusted roughly every two weeks, so there is a time lag in the data.”