After the long bearish sentiment on the market, it seems like Bitcoin’s mining market its back on its feet climbing up after the harsh reductions that happened in the final third of 2018 so we are about to find out more about it in today’s bitcoin news.
Back in December, BTC’s hashrate dropped by more than 7 percent in just one day as most of the miners turned off their rigs or voluntarily left the scene because of the low prices and basically nonexistent margins. Many started to say that bitcoin has entered a ‘’death spiral.’’
However, it seems like the difficulty target of bitcoin reversed and it is going upward, steadily going closer to where it was in December 2018 which shows that the miners are ready to come back to the market and many have returned actually. The data shows that the network’s hashrate has increased up to 40,219,475,700 GH/s, extremely close to where it was in December.
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This is great news for bitcoin holders who didn’t crack under the sell-off pressure when Bitcoin was testing the $3,000 support level.
If you are familiar with the difficulty adjustment mechanism, you already know that it exists to make sure that despite the price movements, BTC’s network will have adequate capacity to be able to carry out transaction hashing with the help of the dynamic system. Increased difficulty means that more miners are getting in which is a good thing.
The current hashrate of the network is three times more than it was in January 2018 with a difficulty 2 times that of a year ago. Although it’s too early to say how many miners are coming back, it’s likely that the difficulty target will shows us a much bigger picture of the sentiment in the mining space.
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