"For those that don't understand: When BTC [coin] halves in 36 days, it will be a lot more profitable to mine [Bitcoin Cash] for a lot longer due 2 week difficulty adjustment, causing hashrate to gradually migrate to [Bitcoin Cash] over that 2 week time period."
Bitcoin Hashrate Spikes to 120 Exahash: Difficulty Drops Allowing Miners to Rejoin the Competition
The Bitcoin (BTC) protocol’s difficulty adjustment dropped over 9% on June 4, giving miners who shut off their machines a chance to join the competition once again. Moreover, Glassnode statistics show that blocks are being produced at a faster rate and at the highest levels since July 2019. According to the Bitcoin (BTC) research and analysis firm, Glassnode, blocks are being produced at a higher level than before and at a level not seen in 11 months. That month in July 2019, the price of BTC was doing extraordinarily well and almost touched $13K per unit on global exchanges. “Bitcoin blocks are currently being produced at a rate of almost 8 blocks per hour,” Glassnode tweeted on June 6, 2020. “This is the highest level we’ve seen since July 2019, and likely an effect of the recent difficulty adjustment.” Statistics show that the BTC network experienced a decent-sized difficulty drop on June 4, 2020. It was the seventh-largest difficulty drop during the protocol’s entire existence and the fourth negative drop in 2020. The drop was approximately -9.29% and almost immediately afterward, BTC’s hashrate started climbing northbound. Difficulty drops and increases are part of the system Satoshi Nakamoto designed and the Difficulty Adjustment Algorithm (DAA) adjusts every 2016 blocks. With blocks set at roughly every 10 minutes, typically DAA drops or increases take place every two weeks on average. Data from Blockchain.com indicates that the hashrate dropped to a low of 90 exahash per second (EH/s) on May 26, 2020. News.Bitcoin.com also reported on the fact that hashpower was steadily increasing but the DAA drop on June 4, making it much easier for certain miners. Our newsdesk also reported that there were 17 mining pools hashing away at the Bitcoin network before the halving and now there are 32 pools. Blockchain.com stats show that on June 5, the SHA256 hashpower ramped up to 109EH/s. Looking at data from today, June 7, 2020, shows that the hashrate has spiked even more to 120EH/s according to Fork.lol’s 12-hour averages. At press time, BTC prices have been down 1.8% during the last 24 hours and the price per unit on Sunday, June 7, 2020, is between $9,425 to $9,550. The overall market capitalization of all 5,000+ coins in existence has also dropped to $269 billion at the time of publication.
All that said, given a constant hashrate, when the BTC mining difficulty increases you earn less mining rewards due to the overall increase in the total Bitcoin network hashrate. Given, the frequent changes in Bitcoin difficulty adjustments up and down, use our BTC mining calculator with difficulty to calculate Bitcoin mining profits. The short string of very high highs in Bitcoin (BTC) mining difficulty is to be broken today according to the current estimates, with miners about to see a difficulty drop instead. Per the current estimations by mining pool BTC.com, the difficulty will decrease by more than 3% to 16.8 T. This would be the first […] Bitcoin difficulty is a value used to show how hard is it to find a hash that will be lower than target defined by system. Bitcoin mining difficulty is changed every 2016 blocks. The difficulty charts show that it has increased significantly. The Bitcoin Core (BTC) network is designed to always take about 10 minutes to discover a valid hash no matter how much hashing power is added to the network. As more computing power is added to the network, valid blocks require hash digests with more leading zeros (the difficulty ). The most comprehensive index on hashrate and Proof of Work. Calculate Bitcoin network difficulty changes, mining revenue, and ASIC CapEx / OpEx for free. We're building tools to help the financialization of hashrate. The definitive resource of all things Proof of Work.
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