Bitcoin Mining Records Largest Difficulty Drop Ever—Here’s What Miners Say

[Rakin343]

Bitcoin’s mining difficulty fell by 28% today, the largest drop in the network’s history. The decline shows the severe impact of China’s recent crackdown on its Bitcoin miners.
Mining difficulty measures the computational power required to validate Bitcoin transactions and consequently how hard it is to earn new Bitcoin. The network adjusts the difficulty each fortnight to reflect the level of competition among miners. Lower mining difficulty indicates less competition.
Today’s difficulty mining drop follows China’s crackdown on Bitcoin miners, which were responsible for an estimated 65% of the network’s hash rate. Well before the government started to shut down miners last month, Bitcoin’s hash rate peaked at 198 EH/s (i.e. a lot) on April 15. After the crackdown, the hash rate sunk to 89 EH/s.
Chinese miners are now emigrating en masse or selling mining machines to foreign mining farms. But until China’s Bitcoin miners find new homes, non-Chinese miners stand to benefit from the reduced difficulty, which makes it cheaper and easier to mine Bitcoin.Source

[Alcor]

Therefore, I assess the events taking place in China regarding the restriction and ban on Bitcoin mining in general as positive. The sharp skew of the hash rate, when 65 percent of all bitcoins are mined in China, makes the cryptocurrency more dependent on the actions of the Chinese authorities. Sooner or later, redistribution still had to be done. At the same time, more attention needs to be paid to green energy sources. This topic has been raised and states will use it to spread negative information about cryptocurrency.