With miners in China shut down, Bitcoin mining difficulty has recorded the largest drop in history.
For those still operating, this means more profits, at least until the Chinese miners can relocate.
Bitcoin mining difficulty has taken a dive, falling by nearly 28 percent. This is the single largest drop in Bitcoin’s history. Furthermore, this is only the 3rd time in history that the network recorded 3 or more downward adjustments in a row. The last time the trend was observed was in December of 2018. The latest plunge was recorded at block 689,471 and follows May 29 and June 13 when the mining difficulty dropped by 16% and 5%, respectively.
The plunges follow the widescale shutdowns of mining farms in China. The government has vowed to crack down on cryptocurrencies beginning with their mining and trading. With the adjustment at a record low, the miners in operation are set to be more profitable in the coming weeks. That is unless there is a drastic price correction in the coming
