Bitcoin mining difficulty adjusted downwards more than at any time since its 2018 price low

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Bitcoin mining difficulty adjusted downwards more than at any time since its 2018 price low

BTC mining difficulty fell by around 7% after the network’s latest adjustment.
Mining difficulty refers to the effort required for miners to solve the equations necessary to validate transactions on the Bitcoin network.

When we look back to the hash rate, the recent bottom of 5.1 trillion in December 2018, when BTC/USD traded at $3,100, the difficulty has increased incrementally in 2019 and in October its came the all-time high of 13.7 trillion. Recently it corrected to 12.7 trillion.

At the same time, Bitcoin’s network hash rate saw renewed bullish upside on Monday, having similarly seen a period of contraction in recent weeks.

At press time, hash rate, which is an estimation of how much computing power is dedicated to validating transactions, had passed 100 quintillion hashes per second once again.

The move follows news that Argo Blockchain, a major Bitcoin mining provider, brought 500 new Antminer S17 rigs from mining giant Bitmain online over the past week.

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