• Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us
Newsletter
Crypto Hoarding
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us
No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us
No Result
View All Result
Crypto Hoarding
No Result
View All Result
Home Bitcoin

The Bitcoin Price Has Suddenly Soared After Huge China Crackdown Earthquake – Forbes

Admin by Admin
July 3, 2021
in Bitcoin
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Bitcoin, after losing ground all week, has suddenly shot higher—climbing in the aftermath of the bitcoin network’s biggest ever so-called difficultly adjustment.

The bitcoin price added almost 5% after the bitcoin network underwent its latest two-weekly recalibration that saw computing requirements fall by 28%.

Sign up now for CryptoCodex—a free, daily newsletter for the crypto-curious that explains the world of bitcoin with brevity. Arriving in your inbox at 7am EDT every weekday

ADVERTISEMENT

MORE FROM FORBESBitcoin Billionaire Issues Stark Warning Over ‘Trillion-Dollar’ Mistake Amid Extreme Crypto Price VolatilityBy Billy Bambrough

The bitcoin price soared by 5% following bitcoin’s closely-watched difficulty adjustment.

Getty Images

The huge step-down, dwarfing the previous record decline of 18% set in October 2011, was caused by China’s crackdown on bitcoin and crypto mining last month that forced those using high-powered computers to secure the bitcoin network and validate transactions out of the country.

The expulsion of bitcoin and crypto miners from China had sent bitcoin’s hash rate, a measure of how much computing power is being directed at the bitcoin network, to a 13-month low over the last two weeks. This morning’s difficulty adjustment brings the network back in line with the hash rate.

MORE FOR YOU

As a result, bitcoin miners around the world are expected to get much more profitable, with their machines able to “find” more bitcoin than before at reduced cost. The cost to run bitcoin mining machines, often collected together in huge mining farms, differs depending on the price of electricity, with some claiming to be able to mint new bitcoin tokens for an average price of $3,000 per bitcoin.

CryptoCodex—A free, daily newsletter for the crypto curious. Helping you understand the world of bitcoin and crypto, every day

The bitcoin price has added almost 4% over the last 24 hours.

Coinbase

ADVERTISEMENT

The decrease in bitcoin’s hash power and subsequent difficulty adjustment isn’t expected to last, however.

Related articles

Bitcoin: Let’s Put The Utility Argument To Bed – Seeking Alpha

August 15, 2022

Bitcoin tops $25,000 for the first time since June before slipping – CNBC

August 15, 2022

“I do expect this to be a temporary thing,” says Alex de Vries, an economist and bitcoin analyst who runs Digiconomist and has created a popular bitcoin energy consumption index, speaking over the phone. “These miners are now relocating elsewhere and if you’re a miner you want to get those idle machines back online as soon as possible.”

Share76Tweet47

Related Posts

Bitcoin: Let’s Put The Utility Argument To Bed – Seeking Alpha

by Admin
August 15, 2022
0

Bitcoin: Let's Put The Utility Argument To Bed  Seeking Alpha

Bitcoin tops $25,000 for the first time since June before slipping – CNBC

by Admin
August 15, 2022
0

Bitcoin tops $25,000 for the first time since June before slipping  CNBCTA: Bitcoin Price Aims Higher, Why BTC Could Surge Past...

Skybridge’s Scaramucci says two things will prop up demand for bitcoin – CNBC

by Admin
August 15, 2022
0

Skybridge's Scaramucci says two things will prop up demand for bitcoin  CNBC

TA: Bitcoin Price Aims Higher, Why BTC Could Surge Past $25K – NewsBTC

by Admin
August 15, 2022
0

TA: Bitcoin Price Aims Higher, Why BTC Could Surge Past $25K  NewsBTC

First Mover Asia: Bitcoin Tests $25K Before Retreating; S. Korea Play-to-Earn Ban Unlikely to End Soon – CoinDesk

by Admin
August 15, 2022
0

First Mover Asia: Bitcoin Tests $25K Before Retreating; S. Korea Play-to-Earn Ban Unlikely to End Soon  CoinDeskBitcoin, Ethereum Prices Rise  The Wall...

Load More
  • Trending
  • Comments
  • Latest
Major Changes Coming to XRP Ledger As Ripple-Backed Startup Launches Key Amendment in Beta Testnet – The Daily Hodl

Major Changes Coming to XRP Ledger As Ripple-Backed Startup Launches Key Amendment in Beta Testnet – The Daily Hodl

April 21, 2021

SteveWillDoIt reveals hacker stole his crypto wallet: “I lost a lot of money” – Dexerto

July 26, 2021
Forte’s PTI gets financial transaction licenses for blockchain games – VentureBeat

Forte’s PTI gets financial transaction licenses for blockchain games – VentureBeat

February 11, 2022

Blockchain Use in Supply Chain Leads to Greater Benefits – The National Law Review

August 25, 2021

Ripple to Power Remittances Between Japan and Thailand via New Partnership – U.Today

0

Rivals Ripple and R3 partner up | PaymentsSource – American Banker

0
Ripple seeks shelter in D.C. from Libra’s political storm – American Banker

Ripple seeks shelter in D.C. from Libra’s political storm – American Banker

0

Litecoin Gets Bullish Speculation, at Last, as Upgrade Approaches – Coindesk

0

Ripple to Power Remittances Between Japan and Thailand via New Partnership – U.Today

August 16, 2022

Philippines: Blockchain-based solution Twala receives P4.6M grant from DOST – CoinGeek

August 16, 2022

Ether (ETH) Token, Bitcoin (BTC) Drop With Ethereum (ETH) Upgrade Optimism – Bloomberg

August 15, 2022

10 blockchain startups to watch – VentureBeat

August 15, 2022
Crypto Hoarding

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

Categories tes

  • Bitcoin
  • Blockchain
  • Cryptocurrency Hackers
  • Ethereum
  • Litecoin
  • Ripple

Newsletter

[mc4wp_form]

  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us

© 2017 JNews - Crafted with love by Jegtheme.

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us

Copyright (c) 2021 - Crypto Hoarding - All Rights Reserved - web design by TechyRack