The difficulty of mining Bitcoin has fallen by 5.3% to 19.8 trillion dragged down by a decline in the hashrate of the largest cryptocurrency in the market, according to The Block.
It seems that the drop in the hashrate is the result of the suspension of all mining activities in the Chinese province of Xinjiang after the country’s authorities order mining companies to cease all their operations immediately.
After the order was given, the hashrate of some importante Chinese mining pools plummeted by 20%, which of course has affected the crypto’s hashrate.
Until now, miners took on average about 9.9 minutes to mine a block, while after the recent drop in the hashrate, they now take over 12 minutes.
The mining difficult is adjusted every two weeks to make mining a block easier or more difficult in order to adapt it to the changes in the hashrate.
It is worth remembering that this drop in the mining difficulty has coincided with an increase in the price of Bitcoin, which is almost touching $40,000.