Cryptocurrency

Difficulty of mining Bitcoin keeps static

The fact that the difficulty of mining Bitcoin is kept static, it is something that happens very rarely. The recent adjustment of this Wednesday, it was one of those cases in which the difficulty barely moved at 0.0033%.

The difficulty of the network, not remained in a similar range of stability from the year 2010. Eight times since that date, this remained almost static, although above 0.1%. However, for now, is the closest to the immobility that has been, only surpassed by the 2010.

In this way, we can say that the difficulty in mining Bitcoin has changed little since the last adjustment of the past June 16. This shows that there have been few connections to new machines, on the one hand, and a few disconnections of mining obsolete by the other.

What is the difficulty in mining Bitcoin

The adjustment of the difficulty, it is one of the mechanisms of the network Blockchain of Bitcoin to maintain the average pace in the activity. In this sense, every 2.016 blocks, which in time is equivalent to approximately two weeks, the snap occurs on the part of the network.

The same occurs as a measure for the average mining of a block oscillates between the 10 minutes. So, for example, if there is a connection of massive computers of great power and goes up the Hash Rate of Bitcoin, and the time required to mine a block low of 10 minutes, the network automatically increases the complexity.

On the other hand, if there is a capitulation of miners obsolete, and the time for mining a block is valid far exceeds the 10 minutes, then the adjustment of the network, will tend to diminish.

It is important to take into consideration, that the network Blockchain continues to recover from the fall of may, caused by the capitulation of mining after the Halving. Even so, the same is far above the level of march, just prior to officially begin the pandemic Covid-19.

The Hash Rate of mining Bitcoin were located in 114EH/s, are expected to rise and with it an increase in difficulty in the next settings. Source: Blockchain.com

A context of low volatility

This difficulty setting the network Blockchain of Bitcoin, produced in the framework of a low volatility in the price of the main criptomoneda. Since two months ago, the value for each Bitcoin, has remained between $9,000 and $9,900 grant, reaching in rare and quick occasions to the $10,000.

The last adjustment of the difficulty for mining Bitcoin, the past 16 of June, occurred in the midst of news about shipping of the mining of the last generation. For example, the company’s Core Scientific announced a purchase of more than 17,000 antminers series S19.

It is expected that in the coming weeks, is to continue connecting more and more computers ASIC. At the same time, the rainy season in the province of Sichuan, China, maintain the low prices of electricity. All this means is that, it is expected that the next adjustment scheduled for within two weeks, is an increase in difficulty.

Another important fact that should be on the radar, is that the batch of shipments of the company Bitmain, are already close to collapse this month. So we can conclude that the Hash Rate of the mining of Bitcoin will continue to rise.

Data to be taken into consideration

After minarse the block mother at the beginning of 2010, the difficulty of the network is kept static for a year.The last time that the difficulty of the network remained stable at 0% was in march of that same year, 2010.The disconnect bulk of miners in the network, it can happen for various reasons, some of them are the Halving, the increase in the cost of electricity in countries that concentrate a greater number of farms active, and also the imposition of regulatory laws hostile to the mining of Bitcoin.The next adjustment of the difficulty of the network Blockchain of Bitcoin, it will fail within two weeks, is expected to be on the rise.

Reliable sources

The information of this content has been taken from reliable sources which are detailed below:
1 – professional Management of content by the authors of Criptotendencia.
2 – external Sources: Blockchain.com, btc.com and CoinDesk.com.

Did you like the content? Share it

About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

Do NOT follow this link or you will be banned from the site!