Mining Bitcoin Hasn't Been This Simple in A Year, As Explained by The Dechained


Posted July 22, 2021 by thedechained

This press release aims to tell readers that China's crackdown on Bitcoin mining has made the flagship crypto asset's mining process extremely simple.

 
The Chinese government's crackdown on Bitcoin mining has continued to make the flagship crypto asset's mining process very simple. According to data from its explorer BTC.com, the digital gold network's mining difficulty has decreased for the fourth time.

The data suggest that Bitcoin mining difficulty has decreased by 4.8 percent, falling from 14.4 trillion to 13.7 trillion. This is the lowest level of difficulty the coin has seen in the last year.

The Bitcoin mining difficulty metric measures how tough it is to mine a block of BTC. When the mining difficulty is high, miners will need more computational resources to verify network transactions.

After the mining of every 2016 block, which is usually every two weeks, the difficulty is designed to adapt.
The Bitcoin mining difficulty level first fell by about 16 percent on May 29, before falling by another 5.3 percent on June 13. The asset's difficulty level has reduced by 28% in just one month, the single greatest reduction in the network's history.

Bitcoin mining difficulty level was around 25 trillion just over two months ago. However, the Chinese authorities crackdown on the process has driven numerous miners to cease operations, lowering the difficulty level of mining the asset.

About The Dechained

The Dechained is an independent digital media resource that provides digestible blockchain news and information. Our team assists the next generation of investors in staying up to date on the latest industry news. To learn more about crypto and blockchain, as well as to be notified of important updates, subscribe to our newsletter, or visit https://www.thedechained.com/.
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Issued By The Dechained
Country United Kingdom
Categories Business
Tags blockchain news , Bitcoin , crypto
Last Updated July 22, 2021