BITCOIN’S MINING DIFFICULTY SEES LARGEST PERCENTAGE DROP IN 9 YEARS

Bitcoin’s mining difficulty just recorded its largest percentage decrease since the advent of ASIC mining machines in late 2012, dropping by just over 16% và giving miners a reason lớn celebrate as their profitability is mix khổng lồ increase significantly.

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Difficulty dropped to lớn 16.787 trillion at around 9:00 UTC on Tuesday, its lowest cấp độ since June, according khổng lồ data aggregated by BTC.com. The adjustment marks the second-largest percentage decrease of all time. 


Mining difficulty is a relative sầu measure of the amount of resources required to compete for mining fresh bitcoin. It climbs or falls at the kết thúc of roughly two-week epochs (or 2,016-blochồng periods) depending on whether the total estimated hash power consumed by the network has also increased or decreased.


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Tuesday’s significant adjustment comes as many mining companies in China’s Sichuan province are taking machines offline and relocating khổng lồ cheaper energy sources after the end of the region’s rainy season, as daichiensk.com previously reported. 


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Over the next two weeks until the next adjustment, miners with machines still online will enjoy a welcome respite after battling an unusually difficult year, which Thomas Heller, COO at mining software company HASHR8, described as “truly one of a kind.” 


As bitcoin’s price has increased significantly over the past few months & the amount of power needed to mine new bitcoins has decreased, “margins for efficient miners will significantly widen,” explained John Lee Quigley, director of retìm kiếm at HASHR8, in a note published Monday. Further, “a myriad of inefficient miners will be able khổng lồ mine profitably again,” he added. 


In short, between now & the next difficulty adjustment will be “extremely lucrative” for bitcoin miners, Quigley told daichiensk.com in a direct message.


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Beyond its kích thước, Tuesday’s adjustment is also notable because of the infrequency of negative adjustments. Only 17% of adjustments are negative, và even fewer – roughly 2% – are double-digit percentage decreases.

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“What we are seeing now is indeed an anomaly,” said Quigley. “Higher prices almost always lead to higher difficulty.”


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Machines being relocated by Asia-based mining companies are expected to lớn come back online over the next few weeks, moreover, and other miners may bring more machines online in the coming weeks to lớn take advantage of the increased period of profitability, which could cause a difficulty increase over the coming adjustment periods.


Improved margins for miners during the hashrate drop are temporary, said Daniel Frumkin, engineer và technical writer at Slush Pool, the first-ever bitcoin mining pool launched in 2010.


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The leader in blockchain news, daichiensk.com is a truyền thông outlet that strives for the highest journalistic standards & abides by a strict mix of editorial policies. daichiensk.com is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies và blockchain startups.

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