Bitcoin price suddenly soared after massive earthquake in China

After losing ground all week, Bitcoin has suddenly surged – rising in the wake of the biggest so-called hard adjustment on the Bitcoin network.

The bitcoin price added nearly 5% after the bitcoin network underwent its latest two-week recalibration which saw computing requirements drop by 28%.

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Bitcoin price is up 5% after a difficulty adjustment that Bitcoin is closely watching.

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The massive decline, which dwarfs the previous record drop of 18% set in October 2011, was caused by the Chinese crackdown on bitcoin and cryptocurrency mining last month that forced those using high-powered computers to secure the bitcoin network and validate transactions outside the country.

The expulsion of bitcoin and cryptocurrency miners from China has sent the bitcoin hash rate, a measure of how much computing power is directed into the bitcoin network, to a 13-month low over the past two weeks. Setting this morning’s difficulty brings the network back into line with the hash rate.

As a result, bitcoin miners around the world are expected to earn more, as their hardware is able to “find” more bitcoins than before at a lower cost. The cost of running bitcoin miners, often collected together on huge mining farms, varies depending on the price of electricity, with some claiming to be able to mint new bitcoins at an average price of $3,000 per bitcoin.

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Bitcoin price has added nearly 4% in the past 24 hours.

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However, the decline in Bitcoin’s hash power and subsequent difficulty adjustment is not expected to continue.

“I expect this to be a temporary thing,” Alex de Vries, the Bitcoin economist and analyst who runs the Digiconomist and has created a popular Bitcoin energy consumption index, says, speaking on the phone. “These miners are now moving elsewhere, and if you are a miner, you want to get these idle machines back online as soon as possible.”

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