Bitcoin Miners Cut Power the Most Since China Ban Amid Heat Wave

Bitcoin miners saw the biggest drop in computing power since China banned crypto mining last May due to a record heatwave in Texas.

A leading indicator of closures, Bitcoin mining difficulty, has plunged 5% — the largest drop over a two-week period since Chinese operators were forced to unplug millions of machines due to a sweeping mining ban by the central government. Bitcoin mining difficulty measures how hard a miner has to work to mint a limited supply of coins. In May 2021, Bitcoin mining difficulty fell nearly 16% and remained down for two straight months.