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According to data from BTC.com, Bitcoin’s mining difficulty is on its way to post an 11.2% drop. According to the report, the Bitcoin network recorded two negative adjustments on May 30 and June 6 (16% and 5.3%, respectively), making this the third adjustment under 30 days.
Mining difficulty, which gauges how hard miners find it to solve a new block and add it to the blockchain, dropped from 25 trillion to 19 trillion in just a month.
The last time BTC recorded three consecutive negative difficulty adjustments was in December 2018, following a miner-induced “death spiral.” Bitcoin eventually bottomed out at $3,125 on December 18, 2018, after an 84% correction from the December 2017 top.
That said, the current difficulty adjustment resulted from the recent halt of Bitcoin mining operations in Sichuan. The National Development and Reform Commission (NDRC) in the region with the Sichuan Energy Bureau issued a joint order on Friday to “clean up” 26 mining farms.
Sichuan is the largest mining hub in the world, thanks to its abundant hydroelectricity capacity. The region alone accounted for over 37% of the global hashrate as of Q3 2019.
Before Sichuan, Qinghai, Yunnan, Inner Mongolia, and Xinjiang have also issued eviction notices to the mining industry.
Currently, the BTC hashrate is down by 48% from its peak of 198.5 exahash per second (EH/s) in April.
Key Bitcoin Levels to Watch — June 20
Bitcoin has come under renewed selling pressure following a prolonged consolidation between the $36k and $35k area yesterday. Before that, the benchmark cryptocurrency suffered a $6k drop from its 26-day high of $41,380 on Tuesday.
From a larger time-frame angle, the primary cryptocurrency is in a range-bound momentum between $41,500 and $31,500 as trading volume remains thin across the market.
Meanwhile, our resistance levels are at $35,000, $36,000, and $37,000, and our key support levels are at $33,750, $33,000, and $32,000.
Total Market Capitalization: $1.41 trillion
Bitcoin Market Capitalization: $636 billion
Bitcoin Dominance: 45%
Market Rank: #1
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