Bitcoin hashrate stable again after China’s crackdown
As the Bitcoin hash rate stabilizes after a 10-day decline in a row, industry experts speculate that the worst blow from the recent mining raid in China may be over.
Bitcoin’s average seven-day hashrate was 90.6 EH / s on Tuesday (June 29), up slightly from 90.5 EH / s on Monday (June 28) and halving from the all-time high hit in mid-May .
According to Sam Doctor, chief strategy officer at BitOoda, a digital asset financial services platform, much of the drop in hashrate is due to China stopping crypto mining operations in the country, with something coming from Iran.
“We believe that there aren’t many hashrates left in China. What’s left is likely not public mining and can go on until they close or they get the equipment from China and find an alternative place to move it. “
Meanwhile, Bitcoin’s block time, the time it takes to create a new block, has decreased to 16 minutes after climbing to 23 minutes on Sunday (June 27), its highest level since 2010.
Bitcoin’s average block generation time peaks at 23 minutes 23 | Source: Arcane Research
According to some mining websites, the increase in mining time may be due to Chinese miners ceasing to operate. As hash performance decreases, it takes longer for miners to solve the math and create a new block.
Bitcoin is designed to have a block time goal of 10 minutes, reducing the difficulty if the metric is larger than expected.
Some data providers estimate that the next adjustment, possibly July 5th, the mining difficulty could decrease by as much as 25%, which would be the biggest decrease in Bitcoin history.
According to Coindesk