The latest Bitcoin mining difficulty adjustment, made at 1 a.m. UTC on May 30, saw the difficulty of Bitcoin mining drop 15.97%, adjusting to 21.05 trillion at block height 685,440, according to BTC.com.
- The average hashrate between May 13 and May 30 was 179.25 exhashes per second, but it has declined to 150.48 EH/s. Mining difficulty adjustments are based on the global hashrate. If the total harshrate declines due to fewer miners competing with one another, Bitcoin mining difficulty declines accordingly.
- Several factors have contributed to the harsh rate decline. On May 21, Chinese Vice Premier Liu He and the State Council took a hard line on crypto mining, following a strict prohibition on the activity in Inner Mongolia, once a hub for the industry.
- And even though some miners have moved their rigs to the southwestern Chinese province of Sichuan, which boasts abundant hydropower resources, their operations have been constrained due to local restrictions and the late arrival of the rainy season. Unlike Inner Mongolia, which has imposed a blanket ban on crypto mining, Sichuan will see its electricity regulator hold a seminar on Wednesday to assess the state of the crypto mining industry in the province, fanning hopes among miners that their industry may be given a regulatory reprieve.