What will happen on that day is the roughly biweekly adjustment to the protocol’s difficulty level for processing blocks of transactions. The setting dictates how much computing power is needed to mine the digital currency at the target rate of one block every 10 minutes. It will also be the third straight decline in the difficulty level, the first time that’s happened since December 2018. With Chinese miners pulling the plugs on their machines and on the hunt for more welcoming jurisdictions, the network’s overall computing power has plummeted. The University of Cambridge estimated that about 65% of the Bitcoin network’s hash rate came from China as of April 2020.

Source: Mint June 30, 2021 16:30 UTC