Bitcoin mining News: In this article, let’s examine the innovations that came after the update announced about Bitcoin mining. You can also take a look at the summary articles below:
- As a result of the new update, Bitcoin mining is now 5% easier.
- Bitcoin mining will be as easy as mining 1.5 years ago.
- Hash settings will be updated this month.
Starting from January 2021, Bitcoin mining has not been this easy. The difficulty level, which determines how difficult it is to mine cryptocurrencies with Bitcoin, has dropped 4.81% today, according to data on BTC.com.
Bitcoin mining was not as difficult as it seems, but as a result of the bans imposed on the crypto market by the government in China, the entire market was affected by this situation. Bitcoin mining companies in China also suffered from this situation.
Is Bitcoin mining the only option?
Mined cryptocurrencies are given a difficulty level. The higher this level, the less cryptocurrency per unit. Using this information;
As a result of China’s restrictions that began in June, it lowered the difficulty level by about 7.5 trillion points. Before the restriction, Bitcoin mining had a difficulty score of 21.05 trillion. It then fell four times in a row to what is now about 13.67 trillion.
The Bitcoin network calculates how difficult it is to mine Bitcoin based on the miners’ supply and demand. The fewer the number of online miners, the easier the mining operations.
On June 9, China ordered Bitcoin mining firms located in several provinces to shut down. Nine days later, Sichuan’s Ya’an municipality closed another 26 businesses. The shutdowns reduced Bitcoin’s hash rate (the rate of Bitcoin to be mined per unit) by 17%.
Bitcoin users may have been hit hard by the blow from China, but it is slowly trying to bounce back. While today’s hash rate of 101.6 EH/S is far from the all-time high the network set on May 14 this year, Bitcoin miners seem to have survived the worst.