Biggest Downward Adjustment in History Sees Bitcoin Mining Difficulty Drop 28%

2021-7-3 14:38

Bitcoin mining difficulty has seen its biggest downward adjustment in history as it drops 28%

According to On-chain market analysis company Glassnode, the 28% decline is the biggest adjustment in history for bitcoin. The latest drop now sees bitcoin’s total hash rate at roughly 87.6 TH/s. The drop means the total hash rate is now at a 19-month low. The last time the hash rate was this low was in December 2019. 

Source: Blockchain.com

Last week saw the total hash rate hit a new yearly low as it reached 101.9 TH/s. However, the total hash rate has continued to slide, with the massive 28% adjustment dropping the hash rate dramatically. 

On-chain analyst, Willy Woo commented on the recent adjustment, relating the biggest downward adjustment in history “miner’s capitulation.” Woo also blamed the continued downtrend in the mining hash rate to China. 

The country has been taking extreme measures to rid itself of bitcoin mining operations in the country. The ban of mining has seen an exodus of mining companies move off-shore or shut down completely as China focuses its attention on its Central Bank Digital Currency (CBDC). 

 Bitcoin inflation rate hits lowest in history

Glassnode have also previously reported that the inflation rate of bitcoin recently hit 0.71%, which was the lowest inflation rate in history for the cryptocurrency. This can be attributed to the decline in hash rate power. Blocks continue to be mined slower as large volumes of hash-power come off the network. 

Bitcoin miners are currently looking for new locations to continue mining operations. With the US and Kazakhstan looking like the most favorable locations for miners coming from China. Miners have already begun moving into Kazakhstan, with the country recently also announcing new electricity surcharges for incoming miners.

Texas also appears to be a key location for miners looking to continue their operations. Texas offers low electricity prices with a pro-crypto outlook. Something that could benefit new mining operations moving forward. 

The post Biggest Downward Adjustment in History Sees Bitcoin Mining Difficulty Drop 28% appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Speed Mining Service (SMS) на Currencies.ru

$ 1.9622 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $1.9622 - H: $1.9622
Капитализация $205.406k Rank 99999
Доступно / Всего 104.68k SMS

mining biggest bitcoin difficulty downward adjustment history

mining biggest → Результатов: 126


Chinese miners initiated the recent sell-off, on-chain data suggests aggregate flows are at an all-time high

Miners led the charge to one of the biggest sell-offs in recent history, and no one is paying attention to this change in the dynamic of bitcoin hash rate distribution. With China getting serious and banning mining activities in Sichuan, they essentially wiped out 90% of total bitcoin mining activities and forced miners out of […] The post Chinese miners initiated the recent sell-off, on-chain data suggests aggregate flows are at an all-time high appeared first on ItsBlockchain.

2021-6-28 15:40


The Hacker Group Anonymous allegedly threatens Elon Musk for his take on Bitcoin Mining and misleading thousands of investors to shitcoins like Dogecoin

One of the biggest mysteries of the internet world is back after quite a long time, and they are back with another shocking video threatening Elon Musk for his unthoughtful comments on Twitter. Up until last year, Elon Musk had huge respect and people used to admire him for making space exploration and electric cars […] The post The Hacker Group Anonymous allegedly threatens Elon Musk for his take on Bitcoin Mining and misleading thousands of investors to shitcoins like Dogecoin appeared first on ItsBlockchain.

2021-6-7 21:31


Burstcoin was the real green alternative until Chia Network raised $69.7M on a concept of Proof of Capacity

The two biggest consensus mechanisms known in the crypto universe are Proof-of-Work and Proof-of-Stake, created by Satoshi Nakamoto and Sunny King(PeerCoin), respectively. Since creating these mechanisms to support the underlying technology of blockchain, there have been many other alternatives to reduce energy consumption and introduce a new method of mining using hard disks called Proof-of-Capacity, […] The post Burstcoin was the real green alternative until Chia Network raised $69.

2021-5-27 15:00


Фото:

What Next Week’s Biggest Mining Difficulty Increase Since 2018 Could Mean For Bitcoin Price

Bitcoin’s mining difficulty – which is basically a measure of how hard it is to mine on the bitcoin network – is expected to experience its next adjustment in two days. According to data from blockchain research and analysis firm Coin Metrics’, the BTC mining difficulty could increase by as much as 15% during this […]

2020-6-15 23:54