Difficulty level, which determines how hard the miners who produce Bitcoin by solving cryptographic puzzles will have in this process, have dropped more than ever during the update made today at 09:34.
Bitcoin’s difficulty level dropped 27.94% at block number 689,472 on the blockchain, close to the number expected for several days, the biggest drop in its history.
This level, which determines how difficult block mining will be, is updated every 2,016 blocks based on the hash rate recorded during that 2.016 block.
The difficulty level dropped by 16% and 5% respectively on May 30 and June 14, three weeks in a row for the first time since December 2018.
ASIC devices unplugged
Local administrators in regions of China that were formerly centers of cryptocurrency mining, such as Xinjiang and Sichuan, issued orders in June that led to the cessation of mining operations.
As a result of the miners in these regions stopping the devices, the hash rate, which was over 140 EH/sec on June 14, dropped below 90 EH/sec as of Saturday.
The drop in the hash rate, which determines how long it will take to produce a block depending on the difficulty level, has resulted in an increase in the block production time from the average 10 minutes on the Bitcoin network, to 13.82 minutes.
While some of the miners affected by the sanctions in China plan to immigrate to countries such as the USA and Kazakhstan, some expect the 100th anniversary celebrations of the Chinese Communist Party to be behind. It can be loosened again, which has been tightened in recent months.
Hello there! My name is Oktay from Tokensboss editors. I introduce myself as a business graduate and writer. I have been doing research on cryptocurrencies and new business lines for over 2 years.