Bitcoin’s hashrate dropped by 10.6% to 204.4 exahashes per second on Wednesday on a seven-day average from its peak earlier this month, Blockchain.com data show.
See related article: Beijing banned crypto mining, so China miners went underground
Fast facts
- The Bitcoin mining difficulty level fell by 4.33% to 29.9 trillion at block height 737,856 on Wednesday, after hitting a record high two weeks ago.
- Bitcoin mining difficulty measures how hard a miner would have to work to verify transactions in the blockchain to “dig out” Bitcoins as rewards.
- Such mining difficulty adjustments are highly correlated to changes in the mining hashrate — the level of computing power used per second during mining.
- Bitcoin’s price plunged by 26.6% on Thursday morning Asia time over the past 30 days to US$29,724, according to data from CoinGecko.
See related article: Hydropower plant in China’s Hubei province fined for powering crypto mining
