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Bitcoin mining (Courtesy: Twitter)
Bitcoin News

China Bitcoin Mining Industry Shows Massive Growth In 2020

Bitcoin mining (Courtesy: Twitter)
Bitcoin mining (Courtesy: Twitter)

China is a dominant force as far as Bitcoin mining is concerned. And it continues to grow in the first six month of July, when most things have faced a setback due to the Covid-19 situation in 2020.

According to a report published in TokenInsight, the third halving of Bitcoin mining was rewarded in the second quarter once again stirred the market, its impact on market hash rate was particularly significant.

The Bitcoin network experienced the second largest difficulty reduction in history after its sharp drop, with a proportion of 15.95%. The difficulty adjustment period is also increase as long as 17 days, far exceeding the average 14 days.

The average Bitcoin block time dropped to around 800 seconds after the March crash and the halving.

The number of addresses holding coins between 100-1000 BTC is the only group showing a downward trend, with a decrease of 0.81% in half a year.

The percentage of transaction fees in the total income of miners dropped sharply after climbing to a peak of 21% on May 20. The average transaction fee percentage in June was 4.3%, which was near to the average of 4.1% before the halving in May.

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