Bitcoin miners saw another mining difficulty adjustment on Monday, with an increase of 7.85%, recovering to the level recorded in May, according to data from BTC.com.
Fast facts
- The mining difficulty level is now at 21.66 trillion at block height 707,616, reflecting the most difficult level since a previous adjustment on May 13, the data show.
- The latest adjustment follows seven increases after four consecutive declines since May when China intensified its clampdown on the crypto mining sector.
- China has been clamping down on the crypto mining industry since earlier this year. Notably, on Sept. 24, the National Development and Reform Commission — the country’s top economic planner — jointly issued a notice with 10 other authorities to implement a stepped-up crackdown on crypto mining. In the joint notice, the authorities clearly stated they intend to categorize crypto mining as an outdated industry, in a move to prohibit investments in the sector.
- Many miners have fled China for other places that appear to be more regulation-friendly and offer inexpensive power. Some of the top destinations for displaced Chinese miners have included North America, Kazakhstan and Northern Europe.
