Bitcoin Mining Difficulty Sees Largest Downward Adjustment of the Year
This is only the second downward adjustment of 2021, and it marks Bitcoin's largest difficulty correction since the 16% downturn on Nov. 3.
"The last four adjustments have been downward, and it now looks like the blockchain is back to normal," one analyst said.
Mining economics have improved significantly, according to one analyst.
The positive adjustment could be the beginning of a surge in hashrate in the coming year.
Miners who remain operational are likely to become even more profitable over the coming weeks.
Concerns about the extent of the China crackdown have contributed to the past months' decline in bitcoin's price to about $34,200.