CoinGapeNews

Bitcoin Mining Difficulty Lowered For the First Time in 2021 Amid Chinese Crackdown on Crypto Mining

Bitcoin mining difficulty has been lowered by 1.27% to 21.45 T for the first time in 2021 amid the Chinese crackdown on crypto mining farms in inner Mongolian regions. The Chinese province has drafted a bill to shut down all crypto mining operations and other high energy-consuming industrial activities regions as it failed to meet the carbon emission goals set by the government. Mongolia is considered the third most prominent Chinese province for Bitcoin mining.

The lowering of mining difficulty also comes after four consecutive increments and a fluctuation of 1% is considered normal. It is also believed that the competition among miners was higher at a lower Bitcoin price given the pressure to make a profit is high, on the other hand as Bitcoin price topped $58,000 to register a new ATH almost 3X it’s 2017 high, the completion relaxed given miners were making a profit at a lower investment.
In the wake of the Chinese Bitcoin mining crackdown, many other nations including the US, Iran, and Kazakhstan are looking to offer a better-regulated environment for crypto mining to lure the outflow of miners from China to their respective countries.
Bitcoin Price Consolidating Under $50K
Bitcoin price is currently trying to get past the immediate resistance of $52,000 having spent most of its last week under $50K. The top cryptocurrency rose to a new ATH of $58,348 in early February and registered a sharp price correction of nearly 20% soon after, since then the top cryptocurrency is consolidating under $50K forming strong support at $45K.

The on-chain …
Story continues on CoinGape

Related posts
AltcoinsAnalysisHideCryptopanicNewsNews 1SocialTrading View

EOS, IOTA, Dash Price Analysis: 10 March

EOS was rejected above its $4.04-resistance and more buying presence would be needed to regain the said level from the market’s bears. IOTA might need to negotiate some short-term selling pressure andThe post EOS, IOTA, Dash Story continues on AMB…
NewsNews 1RippleSocialTrading ViewXRP

Ripple settles lawsuit with YouTube for 'failing to enforce its own policies'

Ripple is in the news today after CEO Brad Garlinghouse revealed that its lawsuit against YouTube has been resolved, with the exec adding that the two parties have reached a settlement on the subject.The post Ripple settles lawsuit with YouTube…
CoinGapeNews

Ark Investment CEO Says Bitcoin (BTC) Will Resemble Bonds As Part of Balanced Portfolio

Cathie Wood, the CEO of Ark Investments recently said that Bitcoin (BTC) will soon become an integral part of a “balanced portfolio” in addition to stocks and bonds. Furthermore, in a bold statement, Wood added that cryptocurrencies could stabilize very…