bitcoinBTC/USD
$ 19,690.45
ethereumETH/USD
$ 1,327.76
tetherUSDT/USD
$ 1.00
cardanoADA/USD
$ 0.429177
xrpXRP/USD
$ 0.461249
usd-coinUSDC/USD
$ 1.00
terra-lunaLUNC/USD
$ 0.00031

As Miners Relocate Overseas, Bitcoin Mining Difficulty Continues to Surge

Bleta. M

With the mining community recovering from the China crackdown, the Bitcoin (BTC) mining difficulty has increased again.

Right after the China crackdown, mining difficulty went down considerably. Before, mining operations over there contributed to ¾ of the international hashrate. However, mining difficulty has incurred a surge that seems to have not subsided since mid-June.

As miners from China are relocating their operations to other countries, the two successive jumps in mining difficulty surpassed 15 terahash (T) with an increase of 13.77% since mid-June. The other increase is likely to take place at the end of August, where terahash (T) is expected to increase by 0.63.

Prior to the crackdown, the peak consisted of 25 terahash (T). The China crackdown decreased competition and lowered the mining difficulty which made for quite lucrative profits for the remaining miners. The US is home to 17% of the global mining hashrate at present, given that China was host to 46% before the crackdown.

Jason Deane, a crypto analyst for Quantum Economics said that the surge in mining difficulty and the adaptation algorithm by the network as a response to the mining difficulty has cut profits for mining Bitcoin (BTC) by 7.3%.

CEO of a New York cryptocurrency group Mike Colyer added that even though new homes are being found for mining equipment in China, an upgraded version of mining rigs could spend the same amount of electricity while doubling the hash power, thereby increasing mining efficiency.

With China’s crackdown due to concerns of electricity consumption and ambitions to follow environmentally conscious projects, the US, Canada, Russia, and Kazakhstan are hosting miners of Bitcoin (BTC).  With the rise in hashrate, costs of mining Bitcoin (BTC) are likely to eventually increase as well. 

Also read: SEC Chair: More Crypto Regulations Ahead

Also read:

Related News

Kim Kardashian Charged By SEC For Unlawfully Touting Crypto Security

The Securities and Exchange Commission has charged Kim Kardashian for promoting a crypto asset security sold and offered by EthereumMax on social media, resulting in a scam. This is without reporting the compensation she got for a promotion. In exchange for dropping the accusations, paying around $1.26 million in fines, forfeiture, and interest, going along with the investigations, the star of Keeping Up With The Kardashians, Kim, agreed to settle

Read More »
The action came after Binance's expansion in several nations in 2022, such as Dubai, France, Spain, and Italy, as the platform aims to expand its operations and boost global cryptocurrency usage.

Binance to Offer its Services to New Zealand

As per a blog post published on September 30, the biggest crypto exchange by trading volume, Binance, is now reportedly registered in New Zealand and opened a regional office there called Binance New Zealand as part of its effort for worldwide expansion. On September 10, Binance filed as a financial service provider with the Ministry of Business, Innovation, and Employment in New Zealand. This allowed the business to provide a

Read More »
With the new exchange-traded fund (ETF), European users will have access to the blockchain market. A metaverse-focused ETF may also be in the works, according to numerous sources.

BlackRock Introduces New ETF Targeting European Clients

Blackrock, the biggest asset manager in the world, has revealed the introduction of a fresh ETF. With the new exchange-traded fund (ETF), European users will have access to the blockchain market. A metaverse-focused ETF may also be in the works, according to numerous sources. The iShares Blockchain Technology UCITS ETF, a new Blackrock ETF, was introduced on September 27. Blackrock provided more information about the ETF, claiming that 75% of

Read More »

My Coins

bitcoinBitcoin
$ 19,690.453.2%
ethereumEthereum
$ 1,327.763.76%
tetherTether
$ 1.000.06%
usd-coinUSD Coin
$ 1.000.21%

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy

Bitcoin

Contact Us

For any question conatct us through:

[email protected]

Disclaimer: All information and materials on this website are for educational purposes only. Crypto-academy.org does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: [email protected]