After a wave of attacks, Bitcoin computing power tends to stabilize

Bitcoin’s hash rate has stabilized after ten straight declines, and industry experts speculate that the worst impact of China’s recent crackdown on mining may be over.

On Tuesday, Bitcoin’s seven-day average hash rate was 90.6 EH/s, up slightly from 90.5 EH/s on Monday. That’s still down by about half from its peak in mid-May, according to Glassnode.

Sam Doctor, chief strategy officer at digital asset financial services platform BitOoda, said the reduction in computing power was mainly due to China shutting down its cryptocurrency mining operations, and to a lesser extent Iran.

“We believe there is not much active hashing power left in China, and what remains is probably not mining publicly and will probably continue to do so until they are shut down or ship the equipment out of China and find somewhere else to move it,” Doctor said in an email to CoinDesk.

Meanwhile, Bitcoin’s average block time fell back to 16 minutes after surging to 23 minutes on Sunday, the highest level since 2010, according to Glassnode data.

Figure | Average Bitcoin block time (Source: Arcane Research)

According to several mining farms, while block times naturally fluctuate, the increase in block times could be the result of Chinese miners shutting down their current operations. With the decrease in hashrate, miners need longer to solve algorithmic puzzles and produce blocks.

Bitcoin's target block time is 10 minutes, and when the block time is longer than expected, its difficulty will decrease.

Some data providers estimate that mining difficulty could plummet by 25% during the next mining difficulty adjustment cycle, most likely on July 5, which would be the largest drop in Bitcoin's history.

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