On June 14, the difficulty of Bitcoin mining fell 5.3% to 19.93 trillion at block height 687456. It was the first time this year that there had been two consecutive downward adjustments, and also the first time the difficulty had fallen below 20 trillion, according to BTC.com.
Fast Facts:
- During the difficulty adjustment period from May 30 to June 14, the average hashrate of the entire network was only 142.68 EH/s, the lowest level this year and 5.18% lower than the previous difficulty adjustment period, according to BTC.com.
- Several regions in China recently announced prohibitions on Bitcoin mining. The government of Changji city in Xinjiang ordered all crypto mining farms to shut down. The Qinghai provincial government also instructed all miner in the province to cease operations. Some sources have said that Yunnan Province is also planning to close mining farms, although according to official sources, miners will face closure only if they are using electricity without permission. The clampdown on crypto mining has followed a ban on mining imposed in Inner Mongolia in April.
- The Chinese Bitcoin mining industry is looking for opportunities overseas. Bitmain, the owner of the world’s highest hashrate mining pool, AntPool, will meet with miners to discuss plans to establish mining operations in North America on June 19. Meanwhile, Canaan, a Chinese Bitcoin mining machine manufacturer, is opening its first after-sales service center outside mainland China in Kazakhstan.
