{"id":193903,"date":"2021-06-29T08:16:47","date_gmt":"2021-06-29T07:16:47","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=193903"},"modified":"2021-06-29T13:10:38","modified_gmt":"2021-06-29T12:10:38","slug":"bitcoin-block-times-hit-lowest-point-in-10-years-after-china-mining-ban","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-block-times-hit-lowest-point-in-10-years-after-china-mining-ban\/","title":{"rendered":"Bitcoin block times hit lowest point in 10 years after China mining ban"},"content":{"rendered":"<p><a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a> reached its slowest block time in 10 years on June 27, in what indicates a clear consequence of China\u2019s mining ban.<\/p>\n<h2><strong>Bitcoin block time averages reached 23 minutes this week<\/strong><\/h2>\n<p>According to <a href=\"https:\/\/docsend.com\/view\/5bspyc8wxzruifnr\">research <\/a>by institutional crypto firm Galaxy Digital, on June 27, the block time average reached 23 minutes which is well above the 10 minute target time. The previous high was just under 18 minutes in late 2017.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">IT&#39;S OFFICIAL: yesterday (june 27 2021), saw the slowest <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&ref_src=twsrc%5Etfw\">#bitcoin<\/a> blocks in TEN YEARS (since 2010). blocks times avg. 23min, instead of the target 10min. the latest &quot;china ban&quot; is the most disruptive action the bitcoin network has ever faced, but it will survive, adapt, thrive ? <a href=\"https:\/\/t.co\/vEMR1zlDHx\">pic.twitter.com\/vEMR1zlDHx<\/a><\/p>\n<p>&mdash; Alex Thorn ? (@intangiblecoins) <a href=\"https:\/\/twitter.com\/intangiblecoins\/status\/1409522171534270467?ref_src=twsrc%5Etfw\">June 28, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Every 2016 blocks, the network adjusts the difficulty level to attempt to maintain a 10 minute average block time. If the block time is significantly under the target time, then the difficulty goes up and vice versa.<\/p>\n<p>Due to the 23 minute average block time, the Bitcoin network will likely see the largest difficulty change in history.<\/p>\n<h2><strong>China\u2019s ban has significantly decreased the network\u2019s hashrate<\/strong><\/h2>\n<p>Since China mandated the shutdown of Bitcoin mining, the hashrate has dropped significantly. In mid-May, the total hashrate reached a <a href=\"https:\/\/www.blockchain.com\/charts\/hash-rate\">peak<\/a> of ~181M to under 100M last week. The China ban seems to be one of the largest changes that have happened to Bitcoin hashrate.<\/p>\n<p>However, for Bitcoin, the movement hashrate from China to other jurisdictions is positive as it improves the decentralization of the network.<\/p>\n<p>The declining hashrate could continue as miners attempt to move from China to other countries. A lower hashrate means more Bitcoin for existing miners and further decreases in difficulty.<\/p>\n<p>Many of the miners are looking to North America where there is less risk for sudden bans and better access to utilities.<\/p>\n<p>Other countries like El Salvador are focused on mining with more sustainable sources of energy like geothermal energy from volcanoes. Mining could offer a new source of revenue for countries with significant access to renewable energy as China moves away from mining Bitcoin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin reached its slowest block time in 10 years on June 27, in what indicates a clear consequence of China\u2019s mining ban. Bitcoin block time averages reached 23 minutes this week According to research by institutional crypto firm Galaxy Digital, on June 27, the block time average reached 23 minutes which is well above the [&hellip;]<\/p>\n","protected":false},"author":114,"featured_media":193955,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,2376],"tags":[60786],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin block times hit lowest point in 10 years after China mining ban<\/title>\n<meta name=\"description\" content=\"Bitcoin reached its slowest block time in 10 years on June 27th indicating a clear consequence of China\u2019s mining ban.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitcoin-block-times-hit-lowest-point-in-10-years-after-china-mining-ban\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin block times hit lowest point in 10 years after China mining ban\" \/>\n<meta property=\"og:description\" content=\"Bitcoin reached its slowest block time in 10 years on June 27th indicating a clear consequence of China\u2019s mining ban.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bitcoin-block-times-hit-lowest-point-in-10-years-after-china-mining-ban\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-29T07:16:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-06-29T12:10:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/06\/bitcoin-low-blocktime.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Atul Ajoy\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Atul Ajoy\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-block-times-hit-lowest-point-in-10-years-after-china-mining-ban\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-block-times-hit-lowest-point-in-10-years-after-china-mining-ban\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/atul-ajoy\/#person\",\"name\":\"Atul Ajoy\",\"url\":\"https:\/\/cryptoslate.com\/author\/atul-ajoy\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/atul-ajoy\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/atul-ajoy\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/02\/author-atul-ajoy.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/02\/author-atul-ajoy.jpg\",\"caption\":\"Atul Ajoy\"},\"jobTitle\":\"Contributor\",\"description\":\"Atul is a blockchain entrepreneur and is passionate about decentralization. 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