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Bitcoin Just Became Less Difficult To Mine!


Miners and prospective miners may see some opportunity here.

According to reports, the difficulty of mining Bitcoin has decreased by 16%. This decrease is caused by the number of Chinese miners who have stopped mining due to China’s Bitcoin crackdown.

If regulations continue to tighten in China there may be more opportunities like this coming down the pipeline.

Take a look:

Decrypt had more details:

Bitcoin’s mining difficulty fell by 16% on Sunday to 21 trillion, the sharpest decrease this year. The correction suggests that Chinese miners are pulling the plug in advance of further crackdowns on mining by the government.

Bitcoin mining difficulty measures how much computer power is required to produce new Bitcoin. The network adjusts the difficulty (roughly) once a fortnight to reflect the level of competition among miners. Lower mining difficulty indicates less competition.

More than 75% of the miners that validate Bitcoin transactions are based in China. Last Friday, the government added Bitcoin mining to a list of industries that required monitoring in order to protect the economy.

Yahoo Finance had more on China’s crypto crackdown:

Energy regulators in China’s Sichuan province will soon meet local power companies to gather information on cryptocurrency mining, an official said, potentially leading to a clampdown in the country’s second-biggest bitcoin production hub.

China’s central government vowed last week to crack down on bitcoin mining and trading, while this week Inner Mongolia, also a major mining centre, proposed measures to root out the business. Such measures are accelerating a shift of mining activities to North America and Central Asia.

An official at the Sichuan Energy Regulatory Office of National Energy Administration told Reuters that Sichuan was not the only province gathering information on crypto mining.

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