Cryptocurrency markets

The difficulty of mining bitcoin dropped to a 5-month low

The difficulty of mining bitcoin dropped to a 5-month low
The computing power and difficulty of bitcoin mining are dropping due to pressure from China on local miners. The cryptocurrency rate and capitalization are growing against the backdrop of a number of important events.
The difficulty of mining BTC has dropped to the lowest level in 5 months. The reason is the outflow of miners, who are under pressure from the Chinese government.
The difficulty of mining bitcoin dropped to a 5-month low

The difficulty of mining bitcoin dropped to a 5-month low

Mining companies in a number of regions of the country received a notice of the suspension of their activities. This is due to the general policy of reducing carbon emissions voiced by the leader of the PRC and the Communist Party Xi Jinping. At the same time, the party leadership continued to fight the cryptoindustry in other directions - hundreds of traders were arrested, and information about digital assets was removed from the local analogue of the Internet.
It is estimated that from 180 million TH / s in May, the computing power of the Bitcoin network dropped to the current 136 million TH / s - a decrease of about 25%. This became an opportunity for players from other regions. In particular, Microstrategy and others in the North American market have established a Mining Council to help them coordinate their efforts.
Despite the opposition from China, the news background for Bitcoin remains positive:

- mining companies supported the Taproot update;
- Elon Musk allowed Tesla to re-accept cryptocurrency payments;
- a number of countries are considering the adoption of the "figure" contrary to the position of the IMF;
- billionaire and wealth manager Paul Tudor Jones announces the need to transfer part of the portfolio to BTC;
- The Minister of Finance of the Netherlands has repeatedly refused the Planning Bureau to ban virtual coins.
Thanks to successes in a number of areas, Bitcoin for the first time in a long time passes the $ 40,000 mark. The leading cryptocurrency also remains the only one whose dynamics for the week is positive: + 11.6%.

As for the daily dynamics, it is positive for most currencies, averaging about 10%.

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