China’s crypto crackdown results in easier and more profitable Bitcoin mining
Bitcoin is believed to have gotten simpler and more profitable in mining the flagship cryptocurrency due of the ongoing crypto-mining crackdown in China.
As a consequence of the Chinese government's mining restricted market peak, more than half of the hashrate or processing power of the Bitcoin Network has decreased in May, but it may be useful for other cryptominers, the CNBC article says.
Kevin Zhang, vice president of cryptography company Foundry, says the share of the other miners in the network grows when several Bitcoin miners go offline.
It gets easier for bitcoin mining
He stated that when hashrate slips out of the network mining is less complicated. For their proportional amount of mining earnings, the hashrate that remains active is also given.
"There is the same economy for all Bitcoin miners and they min on the same network, so both the private and public sector miners will experience the rise in revenue," said Zhang.
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