Bitcoin Mining Difficulty Just Fell By a Record-Breaking 28% — It's Good News for Some
Crypto News

Bitcoin Mining Difficulty Just Fell By a Record-Breaking 28% — It's Good News for Some

2ในการอ่าน
1 year ago

Miners who continue to operate could receive a revenue boost that lasts for the rest of the year.

Bitcoin Mining Difficulty Just Fell By a Record-Breaking 28% — It's Good News for Some

สารบัญ

Mining difficulty on the Bitcoin network has plunged by 28% — a record-breaking fall.

This metric gauges how hard it is to create a new block on the blockchain. When difficulty is high, far greater levels of computing power are needed in order to be successful.

The mass exodus of mining power from China, linked to a recent crypto clampdown, has even caused the formation of new blocks on BTC’s blockchain to slow down substantially.

This is designed to happen once every 10 minutes, but at times in recent days, new blocks have only been created every 19 minutes.

Subscribe to the CoinMarketRecap podcast on Apple Podcasts and Spotify!

What This Means 

Overall, a reduction in mining difficulty is going to be good news for the miners who are still online. That’s because they’ll have far less competition in the race to add a new block.

Difficulty levels are reviewed every 2,016 blocks — every two weeks, give or take — meaning that everything will be assessed once again in a fortnight.

Going forward, it’s worth keeping an eye on the hash rate, otherwise known as the combined processing power of the Bitcoin network.

The latest figures show that 54% of Bitcoin’s hash rate has fallen off the network since prices hit an all-time high back in May.

Some analysts predict that miners could end up receiving a boost to their revenues for the rest of this year as displaced Chinese miners look for a new place to set up shop.

11 people liked this article