Bitcoin mining difficulty has dropped for the fourth time in a row and now is the easiest time to mine the leading cryptocurrency since January 2020.
Bitcoin Mining Difficulty Hits 18 Month Low
The Bitcoin mining troubles fell again over the weekend as the cryptocurrency market continued to be in a bearish trend. Mining difficulty fell 4.81% over the weekend and has now been revised to 13.67 trillion.
According to the network data, this is the lowest Bitcoins mining problems have decreased since January 2020. The recent drop represents a 45% drop from the recent high of 25.05 trillion held during the two weeks between May 13 and 30.
The decline in mining problems can be attributed to the recent bans on cryptocurrency mining activities in China. In June, the Sichuan Province Banned Crypto Mining Activities and disconnect the power supply to Bitcoin mining companies and other smaller cryptocurrency miners. The ban caused a 28% drop in Bitcoin mining difficulty within a week. This was followed by successive losses.
The decline in mining problems can be attributed to yet another Chinese province. authorities in Anhui Province Banned Cryptocurrency Mining and other initiatives that consume a lot of energy. This ban led to a further decrease in Bitcoin’s mining problems.
Bitcoin maintains price above $30k
The digital currency market has been in a bearish cycle since May, when the prices of most cryptocurrencies hit their all-time highs. Bitcoins the price is down more than 40% since its all-time high of $64,000 earlier this year.
At the moment, BTC is trading just above $31k. The BTC/USD pair has been able to hold the USD 30k resistance for the past few weeks. However, Bitcoin has also struggled to surpass the $40k point.
Despite the recent price drop, market experts and investors are convinced that: Bitcoin and other cryptocurrencies should bounce back in the coming months.
This article was originally posted on FX Empire