Chain data shows that the network’s mining complexity has adjusted to 21.05 trillion at a block height of 685,440, down 16% from the recent record high of 13 May.

In fact, the average Bitcoin block production interval had already increased to 11.8 minutes when China’s State Council reiterated at a recent meeting that action should be taken against Bitcoin mining and trading activity in China.

This interval was 18% faster than the bitcoin network’s estimated production time of 10 minutes per block, which also means that the average hashing rate between May 13 and May 21 had already fallen to around 147 hashes per second (EH/s).

Following the China State Council’s comment last Friday, the seven-day moving average hash rate has remained relatively stable at 150 EH/s.