What does this mean? that reaching the degree of complexity that existed before China’s ban implies that the power or number of active miners in the network is the same as it was when the activity was legal in that country. Hence, as much mining was generated elsewhere as there was in China.
The more the value of Bitcoin rises, the more the hash rate rises. The increase in supply and demand in the market allows generating more profits in mining. This causes more miners to join the network, which increases the hash rate.
The current complexity value is close to reaching what it was at the beginning of April, which was 23 billion. The historical maximum of difficulty in mining Bitcoin was in May when it exceeded 25 trillion, a figure that could exceed if it continues to rise from now on.
These values move in parallel, as we said, the higher the value of the BTC, the more the complexity rate increases in mining. The value of the cryptocurrency bottomed out in July precisely the same month that the complexity of mining activity was lowest for the entire year.
On July 20, a Bitcoin was worth $ 29,971, the lowest for the year. Right now, it’s trading at $ 65,293. This proves an increase in value of 117% from then until today.
Source From: Ambito
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