The bitcoin mining difficulty index decreased on May 30 to 21.05 trillion conventional units, which happened at block number 685440. This decrease amounted to 16% compared to the historical maximum which was recorded on May 13 this year.
It is worth noting that the interval between two consecutive blocks for the period from May 13 to May 21 increased to 11.8 minutes. This happened on the eve of the info-leak about the speech of a high-ranking Beijing official on further Bitcoin mining restrictions. Over the specified period the average hash rate was about 147 Eh/s - an indicator that remained at a similar level almost until the end of the month (about 150 Eh/s, if we take the average data for the last seven days).
The plummeting in complexity is explained by the fact that currently the Sichuan province (China) suffers from unusually low precipitation numbers. It forced local authorities to limit the
energy supply to those types of business having high energy consumption.
This also affected bitcoin miners. At this time of the year traditionally they relocate their equipment from northern China to areas of the Sichuan province anticipating smaller electricity bills due to several hydroelectric power plants built there. A similar situation revolving around the relationship between the energy shortage in Sichuan and the mining difficulty decrease by more than 15% was observed four times in the past.
Estonaco Consulting LLC experts state that while Beijing's bitcoin regulatory policy is getting tougher day-by-day, they admit that local entrepreneurs search for opportunities to carry out their activities outside of China more actively. If you want to find out the benefits hidden in the context of this situation and create your investment portfolio, feel free to visit our website.
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