The mining difficulty of Bitcoin is set to drop for the first time in two months according to today’s estimates with the miners awaiting the drop as we are about to read more in the latest Bitcoin news.
According to the current estimations by BTC.com, the popular mining pool, the mining difficulty of Bitcoin will drop by more than 3% to 16.8t. This will be the first drop since June and the smallest one since February. In June and July, there were three difficulty adjustments in the BTC difficulty which measures how hard it is to compete for the rewards and there were two major levels surpassed as well.
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One 16t level got surpassed again but in a way that it was completely skipped over with the difficulty jumping from 15.
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78T and reaching a new all-time high of 17.35 two weeks ago.
The mining difficulty of Bitcoin is adjusted every two weeks in order to maintain the normal 10-minute block time. Rising to more than 12 minutes a few days ago, and is now set at 9 minutes according to BitInfocharts.com. After the drop in July, the computational power of the network was increasing and went up by 8% in five days. In the meantime, over the weekend BTC broke through the crucial resistance level of $10,000 and is now standing at $10,219. During the previous adjustment, the situation was different.
Tim Rainey, the Chief Financial Officer at Greenidge Generation, said that the reason for the increasing hashrate while the market dropped was the new generation of machines coming online form pre-orders that were placed a few months ago during the quarantine period of the Coronavirus pandemic. The CEO of BTC.top, another bitcoin mining pool, Jiang Zhuoer, said that there was no significant percentage of mining machines that will be forced to shut down inside China reaching 70% of the total hashrate.
There were no reports of the devastating flooding that hit the country as well as the biggest hydropower station, Three Gorges Dam which is under massive stress. However, the industry observers said that this seems not to have had an impact on the miners in the country but there too little information available. As long as the hash rate remains above 110 EH/s, the best we can hope for is to keep an eye on the block times and speculate that BTC mining is not impacted a lot.
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