It has become easier and more profitable to mine Bitcoin.
For months, the world has known that as China cracks down on the mining industry, more than half of the world’s Bitcoin miners will shut down. Now that it has happened, the Bitcoin algorithm has also been adjusted accordingly to ensure that the productivity of miners will not continue to decline.
The adjustment took effect in the early hours of Saturday morning, and it also means that more cash will flow to Bitcoin miners who stay online.
“This will be a revenue party for miners,” said bitcoin mining engineer Brandon Arvanaghi.
“They suddenly own a meaningfully larger piece of the pie, meaning they earn more bitcoin every day.”