Bitcoin Mining Difficulty Plunges 5% to 19.8 Trillion Following Xinjiang’s Order to Shutdown Operations
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Bitcoin Mining Difficulty Plunges 5% to 19.8 Trillion Following Xinjiang’s Order to Shutdown Operations

June 14, 2021      Sahaj Sharma

The Bitcoin mining difficulty plunged by around 5.3% on Sunday night UTC on the back of a recent fall in the hash rate. On-chain data shows that the bitcoin mining difficulty of the Bitcoin Network plunges to the level of 19.8 trillion, a level which was not witnessed since the month of January.

Bitcoin Mining Difficulty Plunges on Bitcoin Network

Talking about the bitcoin mining difficulty, it is how the network targets to keep the production of the blocks at an even rate regardless of the broadly fluctuating hash rate

Depending on the hash rate of the network, the difficulty in the mining either drops or surges in order to accommodate the fluctuating hash rate.

On May, 30, the last adjustment in bitcoin mining was witnessed and since then, the hash rate of the network has managed to stay stable. However, on June 9, the miners in the Zhundong Economic and Technology Development Zone have obtained orders to shut down operations.

Well, it is a result of the high-level comment regarding the crackdown on Bitcoin trading and mining activities by the State Council of China.

Will Bitcoin Rise to $100,000?

Mike McGlone, the Chief Commodity strategist of Bloomberg, believes that the year 2021 shows a number of earmarks for the strong advance of Bitcoin as BTC is still targeting the level of $100,000.

Dan Tapiero, the Co-founder of Gold Bullion, recently released a statement mentioning the huge rise of the flagship cryptocurrency and the DLT analog saying:

“#Bitcoin has never topped with volatility this low. Massive upside still ahead. Twtr sht termers too negative. US Corp adoption unlikely despite @michael_saylor. #Btc biggest global macro event of all time. Smaller countries in NEED/alpha hungry lead.”

In addition to this, he said that he is aware of the fact that the US corporations won’t accept Bitcoin as of now, regardless of all the efforts of Michael Saylor.

READ  Bitcoin Price Could Reach $100,000 This Year, says Bloomberg Analyst
#Bitcoin mining difficulty #Mike McGlone
Sahaj Sharma
Sahaj Sharma

Sahaj is an aspiring journalist with a keen interest in cryptocurrency and the whole concept of Blockchain technology. He is positive about the future potential of Cryptocurrency and Blockchain in shaping the world of finance for good. At present, he is covering the latest developments in the field of the cryptosphere.