Bitcoin Mining Difficulty Sees Largest Drop Since July 2021 – May 26


๐Ÿ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:ย $29,386

Bitcoin price tested the $28,000 once again this morning, bouncing back yet again into the $29,000s as volatility continues to remain low on the coin.

Top-20 altcoins have not fared quite as well, as Ethereum falls almost 6%, BNB drops 5% and Avalanche suffers an 11% slide.

Top Stories for May 26, 2022 ๐Ÿ”ฅ

๐Ÿ‘‰ Bitcoin Mining Difficulty Sees Largest Drop Since July 2021

Bitcoin mining difficulty has fallen by 4.33% โ€“ the largest drop since the Chinese crackdown on mining in July of last year, which resulted in a 4.81% decrease.

The difficulty level is correlated to the competition between miners on the network, ensuring a uniform distribution of Bitcoin block rewards. The total mining computing power, known as the hash rate, had also fallen by more than 5% since the previous difficulty adjustment.

๐Ÿ‘‰ Tether Launches Mexican Peso Stablecoin Across 3 Blockchains

Tether has launched a new stablecoin, this time pegged to the Mexican peso. The token will exist on three different networks:ย  Ethereum, Tron and Polygon.

The ticker for the new token is MXNT and adds to Tether’s offering of stablecoins including USDT (pegged to the US dollar), EURT (pegged to the euro) and CNHT (pegged to the Chinese yuan).

Tether CTO Paolo Ardoino says the token was inspired by a rise in Latin American cryptocurrency usage.

๐Ÿ‘‰ Portuguese Congress Rejects Two Bills Involving Crypto Taxation

Portuguese congress has rejected two left-wing bills yesterday that looked to tax cryptocurrencies.ย The move came shortly after Minister of Finance Fernando Medina announced that cryptocurrencies would be taxed in the near future.

The ruling Socialist Party has not yet submitted its own taxation bill. To date, Portugal has had no capital gains tax on crypto โ€“ a stark difference to the 28% capital gains tax for regular financial investment.