The difficulty of BTC mining will still be lowered, but analysts say this bull market has not yet peaked

The latest data shows that Bitcoin’s average computing power is 96.6EH/s, slightly higher than the previous 90.5EH/s.

On July 14th, Hefei published an online article “Comprehensively clean up and shut down virtual currency mining projects in our province”, pointing out that in the next three years, the province’s power supply and demand situation will be severe, and Anhui will comprehensively clean up and shut down virtual currency mining projects. Prior to this, Xinjiang, Inner Mongolia, Qinghai, Yunnan, and Sichuan have also introduced relevant policies to promote the removal of encrypted mining projects. With the introduction of the policy, Bitcoin’s hash rate has fallen one after another.

However, the latest data shows that Bitcoin’s average computing power is 96.6EH/s, slightly higher than the previous 90.5EH/s. The data estimates that the mining difficulty may drop by 11.08% at the next reset. Compared with the previous drop of over 20%, the downward trend of difficulty is slightly slower.

Analysts said that with the gradual completion of the clearance work and the gradual stabilization of the migration of remaining miners, the Bitcoin network has stabilized, the computing power has gradually stabilized, and the degree of difficulty reduction has also been reduced.

Bishijie-BTC mining difficulty will still be lowered, but analysts say this bull market has not yet reached its peak

The data shows that since the withdrawal, the difficulty of BTC mining has gradually decreased. However, the turmoil gradually passed, and the trend of setting up mining farms overseas gradually became apparent. SamDoctor, the chief strategy officer of BitOoda, a digital asset financial service platform, said that China’s active computing power is running out, and the rest may continue, or they can ship the equipment out of China to another place. Public information shows that some virtual currency mines have settled in Kazakhstan, Texas, Iran and other places.

In addition, NicCarter, the founding partner of CastleIsland Ventures, said that half of the world’s computing power will eventually leave China and a new “home” is needed. “Chinese miners or miners registered in China are focusing on Central Asia, Eastern Europe, the United States and Northern Europe. . “

According to public data, on June 21st, the US stock-listed company Bit Mining’s official website reported that its first batch of virtual currency mining machines arrived in Kazakhstan . The total computing power of 320 mining machines is about 18.2PH/S. It is expected to be deployed and completed on June 27. Put into operation, other self-owned mining machines are also being shipped overseas in batches. A few virtual currency mines have settled in Kazakhstan, Texas, Canada, Europe and other places.

According to news on June 27, the Iranian authorities have authorized 30 cryptocurrency mines to conduct digital currency mining so far . These cryptocurrency mining farms are located in several regions, one of which is located in Tehran Province, where the capital of the country is located. It is reported that Semnan Province has the most licensed mines with a total of six, followed by Albolz Province with four, followed by Mazandaran, East Azerbaijan and Zanjan Province.

July 14 news, US power company Talen Energy being built near the Susquehanna nuclear power plant in Pennsylvania, a nuclear mines and encrypted data centers , a development capacity of 164 MW, 300 MW will be fully completed. Talen Energy established Cumulus Data in 2020 to “invest in opportunities to converge digital infrastructure and power.” Cumulus has two independent businesses, Cumulus Data focuses on ultra-large-scale computing centers, and Cumulus Coin focuses on digital currency mining.

In addition, American cryptocurrency consulting and mining company Wattum signed an agreement to acquire a crypto mining farm in Kazakhstan operated by Energix . The two companies will build a mining facility to provide 16 megawatts of energy for mining machines and promise to invest US$2 million in the joint venture. Wattum and Energix are still negotiating another 50 MW mine at a cost of US$8 million.

It is worth mentioning that, in conjunction with the migration of miners, the search for clean energy is also constantly developing. Prior to this, Bitmain held a customer information exchange meeting to find clean energy power. The US House of Representatives also recently passed legislation requiring listed companies to disclose environmental, social and governance (ESG) indicators. The bill was passed by 215 votes to 214 and has now been submitted to the Senate for consideration. The bill also requires the US SEC to establish a “sustainable finance advisory committee.” The passage of the bill may help Bitcoin miners switch to clean energy.

In addition, billionaire Chris Sacca stated that he owns many cryptocurrencies, including Bitcoin and Ethereum, and believes that its environmental costs will promote the development of clean energy solutions.

With the gradual development of miners migrating and seeking clean energy. Many analysts believe that this bull market is not over yet. Recently, analyst WillyWoo tweeted that the estimated number of users on the Bitcoin chain is currently growing faster than at any time in its 12-year history, even at this stage.

Crypto analyst Nicholas Merten pointed out when predicting when the Bitcoin bull market will end in the latest video that we see each cycle extending from 11 months to 13 months. So if we follow history, we can add another 12 months here. 47 months is the expected length of the cycle we are currently in… We are still far from the expected 47 months-November 2022 is the top we should expect.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/the-difficulty-of-btc-mining-will-still-be-lowered-but-analysts-say-this-bull-market-has-not-yet-peaked/
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