May 5 was the last one before halvingiem correction mining difficulties Bitcoin. It brought the expected by many analysts to the second highest level in history BTC. Difficulty of mining Bitcoins are automatically adjusted every 2016 blocks or every two weeks. The whole process is based on available computing power.
One step away from ATH
On May 5, 2020, the Bitcoin network has once again adapted to the current situation. After the March drops, the difficulty was drastically reduced by 15.95%. The level of difficulty was adjusted again to 16.10 T yesterday, an increase of 0.92%.
Thus, we are missing very little to the record level of March 9 (16.55 T). This is the second in history exceeding the level of 16 T and the last change before the upcoming halving.
After drastic drops in BTC prices in March, many miners capitulated and network power Bitcoin decreased. As the number of miners increases, the difficulty increases. For many, this is a positive signal because it shows the strength of the network.
The above graphs show, respectively: difficulty digging BTC and hashrate networks. Each adjustment of difficulty is cyclical, which is why the graph looks like a multi-level one.
After halvingu, which will take place on May 12, only 900 brand new Bitcoins will be delivered to the market each day, instead of the current 1800. A reduction in supply has generally had a positive effect course BTC.
Unfortunately, as the reward for mining the block decreases, one should take into account the decrease in hashrate, as the earnings of miners will decrease. What can drive them away from surrender is the price of Bitcoin.
Currently, the average mining time for one block is 9 minutes 55 seconds and the hashrate oscillates around 115 EH / s.
Come, the increase of May 5 was not spectacular (increase by 1%), history has already seen increases of 100% or even 302.22% (the beginnings of Bitcoin), which is undoubtedly a good sign for incoming halving. In terms of more significant declines, in this respect the March drop in difficulty of 15.95% was the second largest in the whole of Bitcoin’s history.
Get notifications about important new market events.