Bitcoin News and Finance
Bitcoin’s Hashrate Dips, Mining Difficulty Expected to Decrease for First Time Since July Skip to main content

Bitcoin’s Hashrate Dips, Mining Difficulty Expected to Decrease for First Time Since July

Bitcoin's Hashrate Dips, Mining Difficulty Expected to Decrease for the First Time Since July

Bitcoin’s hashrate has been volatile in recent times following the same patterns as the crypto asset’s price. Three days ago, Bitcoin’s hashrate neared the 180 exahash (EH/s) zone only to plummet to 128 EH/s two days later. The recent shifts have taken place before the upcoming network difficulty adjustment, which is due to change on Sunday. After nine increases in a row and for the first time since mid-July, the difficulty will drop lower instead of increasing.

Bitcoin Hashrate Slides Following Price Drop — Mining Difficulty Decrease Expected

The fiat value of bitcoin (BTC) has caused the network’s processing power to slow down toward the end of November. Seven days ago, Bitcoin.com News reported on how Bitcoin’s hashrate was steadily climbing higher during the last three months. Today, BTC’s hashrate is coasting along at 168 EH/s after reaching a high of 178 EH/s on November 24. After reaching that high on Wednesday, on Friday the hashrate dropped to a low of 128 EH/s, losing 28% in 48 hours.

Bitcoin's Hashrate Dips, Mining Difficulty Expected to Decrease for First Time Since July

The slow down is causing the network difficulty to stay lower than usual and this Sunday it’s expected to drop for the first time since July 17, 2021. After the mid-July difficulty change, BTC’s difficulty increased nine times in a row.

Bitcoin's Hashrate Dips, Mining Difficulty Expected to Decrease for First Time Since July

It is now 52.48% harder to mine BTC than it was 133 days ago on July 17. The next change, which is slated to happen during the early morning hours (EST) on Sunday, is expected to slide by -0.38%. It’s not much but it will deter the mining difficulty from reaching its all-time high (ATH).

There’s also been a lot of changes in terms of hashrate distribution among mining pools. Bitmain’s Antpool is the largest bitcoin miner today with 16.79% of the network or 26.15 EH/s in hashrate. Foundry USA is the second-largest bitcoin mining pool with 16.55% of the network’s hashpower, or 25.77 EH/s. While F2pool holds the third position with 15.33% of the hashpower, or 23.87 EH/s, unknown hashrate or stealth miners command 13.14% of the network’s hashpower or just over 20 EH/s.

Bitcoin’s mining difficulty recorded an ATH on May 13, 2021, when it reached 25.05 trillion. Today, the network difficulty is 22.67 trillion and the decrease should bring it down to 22.59 trillion by Sunday, November 28, 2021. The 0.38% change is minuscule compared to most difficulty shifts but it will keep the difficulty lower for another two weeks which is helpful to miners while the price of BTC is much lower than it was two weeks ago. Bitcoin’s difficulty increased by 4.69% two weeks ago, four days after BTC reached a price ATH at $69K per unit.

What do you think about the upcoming difficulty decrease and the recent hashrate action? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory