Bitcoin (BTC) Mining Difficulty Reaches New Level of Over 17 Trillion

2020-7-15 17:56

Coinspeaker
Bitcoin (BTC) Mining Difficulty Reaches New Level of Over 17 Trillion

Bitcoin (BTC) mining difficulty has reached a new record high. It comes after last week’s record high of the hash rate. Bitcoin (BTC) hash rate saw a record increase of +9.89% to slightly over 17 trillion. It comes after a recent malaise at Bitcoin price. BTC prices haven’t moved much in the past few days.

This situation is bound to change soon. Price is testing the $10,000 mark as Bitcoin (BTC) prices are set to break through the resistance level.

On a positive note, Bitcoin (BTC) network is working just fine. It comes as investors have been worried about a sharp reduction in both hash rate and mining difficulty.

Many had thought that the May halving event would have led to miners leaving the network. Especially as mining operations for some miners would have become unprofitable.

Bitcoin Mining Difficulty Dropped After Halving

After the halving event, there was a drop in the hash rate. Mining difficulty reduced twice as well. Things changed last month when an increase in difficulty by 14.95% reversed the prior changes. This change has brought all prior concerns to a close.

Mining difficulty changes periodically (every 2016 blocks or 2- weeks). It is to maintain the ten-minute timing for the formation of new blocks. Trend-wise, increasing hash rates can increase block formation speed. Miners are generally not as profitable as mining difficulty increases. This trend has made many of the smaller miners go out of business. The bigger miners have been able to stay despite the fluctuations in mining difficulty.

Bitcoin mining difficulty is one of the indicators of how BTC prices play out. The effect of mining difficulty in the prices has been reducing over time.

China Holds an Increasing Influence on Bitcoin (BTC) Network

There is one other factor that has raised concern among investors. The fact that China holds over 60% of Bitcoin’s (BTC) mining power has increased growing concerns on Chinese influence on the cryptocurrency.

Many members of the crypto space assume that the rainy season in Sichuan corresponds to an increase in network difficulty.

Observations over the past few years point to the recurring correlation. While it may be seen as a fluke, where there is smoke there tends to be fire underneath. Sichuan China offers tremendous advantages to Bitcoin (BTC) miners. There have been reports of cheap energy costs. Many have even reported costs of 1 cent per kilowatt-hour. As the rainy season sets in, the hydroelectric costs drop. And mining activity increases.

On the other hand, China has recovered from the COVID-19 pandemic. The country has shaken off the effects of the coronavirus situation. It has led to an increase in miners been produced and shipped.

It brings the main concerns of many again back to the fore. As to the effects of Chinese activity on the Bitcoin (BTC) network, it is too early to tell if the Chinese are having an overbearing influence.

One thing is sure. Bitcoin (BTC) isn’t influenced by any particular set of factors.

Bitcoin (BTC) Mining Difficulty Reaches New Level of Over 17 Trillion

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Time New Bank (TNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.01 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0026233 (-100%)

new difficulty btc mining reaches bitcoin trillion

new difficulty → Результатов: 87


Data Shows Recent Bitcoin Difficulty Adjustment May Kickstart New Accumulation Phase

Bitcoin is currently trading just below its most important resistance yet, gearing up for what most crypto analysts expect to be a major move. However, data suggests that sell pressure from miners adjusting to the newly reduced block rewards combined with quiet accumulation may be responsible for the recent sideways price action. Bitcoin Sideways Trading […]

2020-6-23 23:00


Ethereum’s Hard Fork ‘Muir Glacier’ Launches In 2 Days, Will The ETH Community Be Prepared?

While the entire world is preparing for the New Year, Ethereum has scheduled Muir Glacier, its long-awaited hard fork, for January 1 of the year 2020. The Ethereum (ETH) Istanbul hard fork that happened just a few weeks ago didn’t make things easier when it comes to Ethereum’s so-called “difficulty bomb”, so many are expecting […]

2019-12-30 22:01


“Difficulty Bomb” Reconsidered by Ethereum Developers Ahead of Hard Fork

The “difficulty bomb” has been a planned part of the Ethereum blockchain for quite a while, but developers are seemingly reconsidering this protocol. According to reports from CoinDesk, the new hard fork could push back a necessary network feature by about two years, in an effort to eliminate the complications with Ethereum’s upgrade to proof-of-stake. […]

2019-12-4 03:14


Global Mining Leaders Summit 2019

A lot has taken place in the world of crypto mining this year. Bitcoin hash rate and difficulty levels have hit record highs. New companies such as Blockstream have ventured into space while existing companies have expanded their infrastructure with new facilities dedicated towards mining being developed but the biggest mining event of the year […] The post Global Mining Leaders Summit 2019 appeared first on AMBCrypto.

2019-9-9 18:30


Bitcoin Price Analysis - On-chain metrics pull back as Hash rate and difficulty push for record highs

Network mining fundamentals have shown impressive growth in the past few weeks with both hash rate and difficulty pushing new all-time highs. As long as the markets remain bullish, and mining profitability remains positive, miners will likely continue to add hash rate, especially as older ASICs return to profitability.

2019-7-25 15:01


New ‘Switcheo Account’ improves DEX user experience and security

CryptoNinjas - Bitcoin, Cryptocurrency & Blockchain Asset SourceSwitcheo, a decentralized exchange (DEX) currently integrated with three blockchains including NEO, EOS, and Ethereum, now has a fine solution to the problem of decentralized exchanges and the considerable difficulty passed through by customers who are looking to begin trading on a DEX.

2019-7-16 19:02


Andreas Antonopoulos Shares Mind-Bending Bitcoin Mining Profitability Details Regardless of Price

The author of ‘Mastering Bitcoin’ Andreas Antonopoulos was asked of his opinion, on if mining of BTC is profitable with its current price, during a YouTube question and answer session. Andreas started by explaining the ‘difficulty re-targeting algorithm’, stating that brings about a changing relationship between the allocation of new BTC blocks and miners behavior […]

2019-4-10 01:50