The difficulty of mining bitcoin after the next recalculation on March 26 decreased by 15.95%. This is the second largest decline in the indicator in the entire history of cryptocurrency..
Bitcoin experienced the second largest mining difficulty reduction in its history
Mining difficulty adjustment is defined at the protocol level and is carried out every 2,016 blocks or approximately every 14 days. This allows us to maintain an average block mining time of about 10 minutes, regardless of fluctuations in the hash rate. Disabling a significant part of the hash rate increases the block production time, but after recalculation, the value is normalized. Similarly, with an increase in the hash rate and a decrease in the time for mining blocks, the difficulty of mining increases..
According to BTC.com, on block 622,944 the value fell from $ 16.55 trillion to $ 13.91 trillion. Since the previous recalculation on March 9, Bitcoin has experienced a rapid collapse of the exchange rate, from which it has only partially recovered..
As a result, the indicator computing power, having rolled back to the values of three months ago. It is likely that many miners, especially the owners of the Antminer S9 and other aging models, were forced to shut down their hardware due to their inability to remain profitable at current price levels. On the other hand, the remaining miners will be able to take advantage of the dropped complexity and competition.. Besides, at a price above $ 6,600 per bitcoin and the presence of favorable conditions, Antminer S9 and others like it will again be able to gain a small plus.
The third largest drop in mining difficulty was recorded in December Of 2018 – by 15.13%. Then, bitcoin was also going through hard times in terms of price. The largest drop was recorded in October 2011.
Before today’s recalculation, mining difficulty was at an all-time high. Due to a sharp decrease in the hash rate, the average block release time increased to 12 minutes, and the last cycle instead of 14 days took 17.
The decrease in the rate of block mining was also reflected in the predicted timing of the halving. In early March, it was expected to happen on May 12, but now only on May 14.
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