Bitcoin (BTC) Difficulty Sees First Positive Adjustment Since May

[Leviathan.007]

The sharp fall of Bitcoin (BTC) over several weeks seems to be over, and as a result, the difficulty of extracting its network, which is an integral part of it, has been restored. Network hardness is the variation by which a cryptocurrency competes by adding a new block of Bitcoin (BTC) to its network.

Bitcoin difficulty touches 14.5 trillion with a 6% growth.
According to a new update from the Bitcoin China Blockchain, its difficulty has increased for the first time since May 13, 2021.
At 7:35 a.m. UTC today, the benchmark rose more than 6 percent from 13.67 trillion to 14.5 trillion, but it is still a long way from the ceiling, and this growth has come after a sharp decline.



Since mid-May, the Bitcoin difficulty is the first time in history that a negative has been seen five times in a row. This index of its historical ceilings has decreased by about 25.05 trillion to the levels of December 2019.
In addition, the average bitcoin hash rate also increased during this period and returned above the 100 exacerbation limit per second. It is currently about 112.82 exacerbations per second.

New route of mining centers
The early success of Chinese miners in migrating could be the main reason behind the growing hardship of the Bitcoin network. As previously reported by U.today, the United States is one of the main destinations for miners to relocate their miners from China.
Kazakhstan, Mongolia, Pakistan, and even some African countries have also been other destinations for miners.


Source: https://u.today/bitcoin-btc-difficulty-sees-first-positive-adjustment-since-may

[OcTradism]

The hashrate recovers from its bottom. Since the crackdown from China. The recovery comes from non-Chinese hashrate as consequence of the Great Hashpower Migration since the crackdown.

I am doubtful that hashrate from China won't increase again. The nation is in rainy and flood season and I am expecting a big recover after this season completes. It will be fun if it recovers and crackdown was reversed after the end of rainy season.

[franky1]

hashrate in china has already begun to recover.

antpool went from 30exa down to 10.5exa and now already sitting at 17.5
with the less difficulty numbers of the last couple drops in the last month means it does not need to push to full 30exa to return to same coin reward amount

EG 30exa(AP) of 150exa(Network) is 20%
at todays 110exa(network) only needs 22exa to be back at the 20% range(difficulty accounted alone)

which with new asic generations
was 95thash for 3.25kw now 110thash for 3.25kw
means its gained another 20% cost reduction..
so that 22exa only needs to be 18 exa for same income amount of coin-to-cost.

meaning they are pretty much back to the area they were before the chinese drama if you account for difficulty, network hashrate and new gen asic costs combined

[bryant.coleman]

I heard that some of the miners are relocating their farms to Kazakhstan, Mongolia and Russia. But Pakistan and African countries? Is there any solid proof for this? As far as I know, Bitcoin is not even legal in Pakistan. I know that Pakistan has very good relationship with China, and that may have prompted the Chinese miners to move there. But my question is whether it is an intelligent move to shift the operations to a country which is facing electricity shortage and where the legal status of cryptocurrency falls in the grey zone.

[zasad@]

You can read about Kazakhstan in this thread
[Interview] Crypto business in Kazakhstan
https://bitcointalk.org/index.php?topic=5313966.msg57444208#msg57444208

I live in Russia, but the country is very large and it is difficult to talk about the relocation of miners. There are regions in Russia with very cheap electricity, which is produced by hydroelectric power plants, but there is very little information on the news because there are no mining laws in the country.

[kryptqnick]

It's good that (and if) the mining power is migrating from China because we could use a little more decentralization and independence from such an unstable authoritarian state as China. Hopefully, new countries will be more welcoming to mining operations.
I'm glad that there's more mining going around, but I also don't think that it matters a lot. Bitcoin has plenty of miners involved, so if some leave, and the mining difficulty decreases, it's not bad per se. It also doesn't negatively affect the price or interest of investors in Bitcoin.

[Baofeng]

And now, the proponents of "hash rate follows price" theory will be much elated to see this report.

And yes since May the hash rate has been dropping, and it's good that somehow it has bounce to the region wherein it is becoming healthy again. I'm not really sure though where the Chinese miners are relocating, maybe just around the region wherein electricity is still cheap and there are profits to be made with the rising price of BTC lately.

[ranochigo]

Note that there has been a gradual increase in the price of Bitcoin for the past few weeks and that likely has an impact on the miners switching on their previously unprofitable machines. The decrease in the difficulty is definitely not completely attributed to miners shifting out of China but also from miners who didn't mine due to the decrease in the price and thus the profitability.