Bitcoin miners made a mass exodus from China following a government-led digital asset crackdown. In light of China’s new regulations, the Bitcoin code was recalibrated to make it 28% less difficult to mine. This is promising news for Bitcoin miners worldwide, as they now stand to make bigger profits.
Darin Feinstein noted the historical importance of China’s crackdowns. He stated, “For the first time in the bitcoin network’s history, we have a complete shutdown of mining in a targeted geographic region that affected more than 50% of the network.”