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Bitcoin June 27 News As a core indicator to evaluate the difficulty of obtaining mining rewards, Bitcoin mining difficulty reached 7.93 as the price soared.
T, also hit a new high since October 2018. Bitcoin generally adjusts the mining difficulty every 2016 blocks (approximately 14 days) based on the computing power of the entire network to ensure that the block production interval can be maintained at about 10 minutes. When the network computing power is smaller (that is, the number of mining machines is smaller), the mining difficulty will decrease. When the network computing power is larger (that is, the number of mining machines is larger), the mining difficulty will increase.

According to data from BTC.com, the average mining power of Bitcoin in the past 24 hours reached 59.58 EH/s, and the average three-day mining power was 59.70
EH/s, the average computing power of the entire Bitcoin network has reached 56.77 EH/s on the 14th, which means that more and more miners are starting to mine.

In addition, data from Blockchain.info also shows that as of June 22, the total computing power of the entire Bitcoin network reached 66 EH/s, not only exceeding last year’s 61.86 EH/s
s highest record, and it was already 31 in the entire network during the bear market at the end of last year.
More than double that of EH/s. If all these new computing power come from existing mining machines such as Antminer S9, it means that more than 2 million mining equipment have been deployed on the market in the past few months.

With the recovery of market demand, the price of domestic second-hand mining machines has doubled. BTC.com estimates that Bitcoin mining difficulty is expected to increase by another 7% at the beginning of the next adjustment cycle and break the 8T mark for the first time.

Domestic miners are eagerly looking forward to the flood season

With the arrival of the flood season, a large number of mining equipment have been deployed in Bitcoin mines in southwest China.

According to blockchain research firm Coinshare
A report released shows that as of the beginning of this month, half of the world’s Bitcoin computing power comes from my country’s Sichuan Province. But the problem is that this year’s situation seems to be different, because the rainy season was delayed by nearly a month compared to previous years, resulting in some mines being able to run less than half of their mining equipment.

Xun Zheng, CEO of Bitcoin mining company Hashage, revealed that there has been no rainfall in the area for more than 20 days since the beginning of May, saying:

"In the past few years, rains in the southwest of the country usually start in May and continue for more than a month, so local hydropower stations usually have enough water by early June."

Hashage only ran 40% of its mining machines in early June, but just two weeks ago, the rainy season finally arrived, and Hashage's mining capacity climbed to more than 60%.

Many industry insiders estimate that the computing power of the entire Bitcoin network will exceed 70EH/s in August this year. This means that if the mining equipment is all Antminer S9
Or similar types of equipment, at least 300,000 more mining equipment need to be activated.

In addition, some new capital is also looking forward to the arrival of the flood season as soon as possible, such as Shanghai Blockchain Fund Fundamental
Labs has previously invested $44 million in top-of-the-line mining equipment, and they will start mining in June.