During the Sunday, may 17, the chain blocks of Bitcoin (BTC) only generated 95 blocks on the day, minimum important. The news was reported by a user on Twitter, @digitalikNet, may 17. Raised the following: “In the last 10 years, we have only had 8 days with a daily generation less than 100 blocks“. An important aspect is that, those 8 days were during the third quarter of 2017. So, what happens now?
Generation of blocks of Bitcoin after the Halving
On the 11th of may, the chain blocks of Bitcoin experienced its third Halving in its history. Remembering that weeks before the event, all speculate on what would happen after. Causing for many, the event was boring by the expectations generated. However, what the miners think the same thing? As we communicated earlier in CriptoTendencia, the first to notice the effects of the Halving of Bitcoin would be in their miners, because that would look like their profits were cut in half while their costs remained the same. Highlighting that, during the weeks prior to the Halving, the main concern was how it would be mining after the event. According to the data presented by the Twitter user, to may 11, we generated 162 blocks of Bitcoin. The next day, 12 of may, the number fell to 143 blocks per day and the fall continued until may 17, when it generated just 95 blocks of Bitcoin. In this sense, @ditalik.net he explained to CoinTelegraph that the reduction view is due to the recent Halving, as well as the decrease of the rate hash of BTC. Therefore, the user explained that the speed of generation of blocks depends on both the rate hash as the difficulty of mining Bitcoin.
Decreased the difficulty of mining, how will it affect?
In particular, it is expected that adjusting the difficulty of mining BTC around 5 pm New York time. This correction means that finding new Bitcoin will be 5% easier. This setting should make it easier for miners to find new blocks and, therefore, the network should decrease the times of generation of blocks of 10 minutes. However, the Twitter user expressed his skepticism about that possibility given that the price of Bitcoin remains under $ 10,000. Therefore, he states that only if the price increases above the level previously mentioned, then things can go back to normal with some miners returning to operate their machines.
In 67 blocks, there will be difficulty adjustment which will lower diff for about 6%.The problem is that this diff was had halving in the middle and after halving hashrate dropped for 15% so we will need one more diff adjustment to get to the diff that is optimal for network. pic.twitter.com/JndTd82lrL— digitalik.net (@digitalikNet) May 19, 2020
“In 67 blocks there will be a difficulty setting that will decrease the difference in approximately a 6%. The problem is that you just occur the Halving and after the event the hashrate decreased by 15%, so you will need an adjustment of the difficulty of getting to the difficulty that is optimal for the network,” explained @digitalikNet.