China’s recent restrictions on bitcoin miners have pushed the digital currency’s network hash rate to its lowest level since mid-2019.
to the the report According to data from the Blockchain website, the hashtag of the Bitcoin network has reached 58 exacerbations per second. This rate has been unprecedented since July 2019.
Dotcom, Ant-Money and Pauline bitcoin mining pools have lost more than 50% of their hash rate; Interestingly, this decline occurred in just one month.
It is estimated that the next difficulty correction, which will take place on Friday, will reduce the difficulty of extracting bitcoins by 25%.
Millions of miners were forced to shut down their mining equipment after China ordered power plants to suspend their mining services. It is said that by the end of this month, about 90% of Chinese miners will turn off their devices.
Coin Zhang, deputy director of the Foundry Pool, called the Chinese government’s decision to restrict miners’ activities “irrational.”