Interestingly, as the difficulty hit the same level as that of January, the price has also moved higher to a similar level.
When news of Chinese miners receiving orders to close operations in the Xingjiang’s Zhufing Economic and Technology Development Zone broke, hash rate took another hit.
Wu noted that a drop in hash rate resulted in no blocks being produced for 1 hour and 45 minutes on 11 June.
As per a recent update, the Energy Bureau of Yunnan Province confirmed that it will complete the rectification of illegal Bitcoin mining by the end of June.
The next difficulty adjustment is expected to take place in two weeks and as per BTC.com, the difficulty may again adjust lower by 5.51%.
Namrata is a full-time journalist at AMBCrypto covering the US and Indian market.
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice.