Bitcoin's mining difficulty saw its second largest drop in history, with a -15 percent adjustment on Monday, Dec. 3, as per data provided by major Chinese mining pool BTC.com.
Bitcoin's hashing difficulty algorithm is normally adjusted every two weeks to maintain the normal 10-minute block time.
It has been adjusted for the second time today since the beginning of a so-called "Crypto winter" in mid-November, after which the difficulty in mining Bitcoin has been steadily dropping.
The most recent adjustments of Bitcoin's hashing difficulty.
The largest drop in Bitcoin's difficulty history happened on Oct. 31, 2011, with an adjustment of -18 percent, while another decrease in mid-October 2011 is the third largest such decrease.
A recent adjustment of Bitcoin's hashing difficulty was preceded by a massive market drop, with Bitcoin losing more than a third of its price since Nov. 14, according to CoinMarketCap.
Financial experts have attributed the market collapse to regulatory pressure, the hash rate war after controversial Bitcoin Cash hard fork, and the "Terrible" condition of global markets.
At the time of the forecast, Bitcoin was trading around $6,400.
In late November, a week after the massive drop when Bitcoin hovered around $4,300, Chinese miners reportedly started to sell mining machines by weight, as opposed to price per unit.
After a mild recovery over the weekend, where Bitcoin managed to stay slightly above $4,000, the world's top cryptocurrency has collapsed again today, Dec. 3.
Bitcoin Faces Second Largest Difficulty Drop in History After Latest Adjustment
gepubliceerd op Dec 3, 2018
by Cointele | gepubliceerd op Coinage
Coinage
Vermeld in dit artikel
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.