China’s crackdown on cryptocurrencies has been a blow for bitcoin (BTC, -1.59%) mining companies and pools based in the country, with some hit harder than others. However, for active miners in other parts of the world, it might be good news.
Bitcoin’s mean hashrate – a measure of the computational power working to secure the blockchain network – fell to 94 EH/s on Sunday, the lowest since May 2020, according to data from Glassnode. Meanwhile, the bitcoin mining difficulty could see a 25% drop at the next reset, likely on July 3, based on Glassnode’s estimates.
