Bitcoin’s mining difficulty saw a notable decrease around Sunday midnight UTC time as the network’s hash rate has dropped significantly even before China’s bitcoin mining crackdown comment.
On-chain data shows the network’s mining difficulty adjusted to 21.05 Trillion at block height 685,440, which is a 16% drop compared to its recent all-time-high recorded on May 13.
In fact, Bitcoin’s average block production interval already increased to 11.8 minutes between May 13, the last mining difficulty adjustment date, and May 21, when China’s State Council iterated in a recent meeting that there needs to be a crackdown on bitcoin mining and trading activities in China.
That interval was 18% faster than the Bitcoin network’s intended 10-minute-per-block production time, which also means the average hash rate between May 13 and 21 already dropped to around 147 exhashes per second (EH/s).
Following the China State Council’s comment Friday last week, the seven-day moving average hash rate ha
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