Bitcoin mining difficulty parameter is set to increase for the first time in 8 weeks – Mining Bitcoin News

On July 14, Bitcoin’s computing power slowly rose from 85 exahash per second (EH/s) to 125 EH/s. The increase in computing power will make the next change in mining difficulty increase for the first time in eight weeks. The four consecutive declines in difficulty proved to be the biggest decline in Bitcoin’s life, and this seemed to end in four days.

Bitcoin’s computing power moves north

the price of Bitcoin (BTC) It has fallen for several consecutive weeks, and during the same period of time, China’s crackdown on Bitcoin miners is also happening. On May 15th, the price of Bitcoin began to fall from a handle slightly above US$50,000 to an area slightly above US$30,000 on May 19.

The price drop will basically reduce the income of Bitcoin miners and when Bitcoin It began to decline on May 15th, Difficulty of mining It has risen sharply in the first two days, up 21.53% from before the adjustment. Because it was 21% more difficult for miners to find a block, the next two weeks were very hard.

Bitcoin mining difficulty parameter settings increase for the first time in 8 weeks
Bitcoin hash rate on July 27, 2021 (90-day chart).

Most importantly, what followed was the Chinese government-in various provinces-cracking down on Bitcoin miners and banning the behavior in certain areas. Unexpected miners were told that they needed to close the facility before a certain date.

Before June 9th, after two small drops to 137 EH/s, the computing power managed to stay above 150 EH/s, and the difficulty increased by 21%.However, China’s actions have Affected Chinese Bitcoin miners good idea On June 28, the computing power was only 66 EH/s.

Fortunately, Bitcoin miners made the first downward difficulty adjustment when they fell 15.97% on May 29.As a price Bitcoin It gets worse, making it harder for miners to profit, and entities that help protect the blockchain benefit from three downward difficulty reductions.

Difficulty is expected to increase by 3-5%

The difficulty of mining has dropped for four consecutive times 54% easy turn up Bitcoin Compared with the difficulty level before May 13, the blocks in the past two weeks. Continuous downward adjustments may change within four days, and may increase by about 3-5%.

Bitcoin mining difficulty parameter settings increase for the first time in 8 weeks
The difficulty of Bitcoin on July 27, 2021 shows that it may increase by about 4.4% within four days.

If the estimated result comes true, it will still be easier to find nearly 50% Bitcoin More blocks than before mid-May 2021. However, in terms of hash rate, it will depend on what happens in the next four days.

If the computing power increases significantly from now to then, the difficulty may rise to more than 5%. If the global computing power drops sharply, the estimated increase may be offset and revert to another decline. With the current computing power, it is expected to increase by 3-5%, which should not be too difficult for miners to manage.

At the time of writing, the top Bitcoin mining pool is Antpool, which has a hashrate of 19.26% and an EH/s of 19. The Ant Pool is followed by Binance Pool (12.47%), F2pool (11.82%), Mine Pool (11.38%) and Viabtc (10.50%).

What do you think of the expected increase in difficulty adjustment after four days? Please tell us your thoughts on this topic in the comments section below.

Tags in this story

Down 16%, year 2011, 2020 year, Down 27%, 4 times, 8 times, Block time, Bitcoin difficulty, Bitcoin Network, Chinese miners, difficulty, Exahash, Computing power, Computing power, Computing power, Biggest drop, The biggest drop in history, Memory pool, Mining operations, Mining pool, Network difficulties, Overall computing power, SHA256 computing power

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