Reassembled – The current situation remains difficult for minors of bitcoin (BTC). However, recent increases in mining difficulty prove that the sector has held up well against the red candlesticks. He would even recover from the hair of the beast.
The $20,000 and bitcoin miners at a standstill
the Bitcoin’s initial return to $20,000 had raised concerns about the security of the network in the short term. In particular with miners forced to unplug their machines to avoid in particular bearing the high costs of electricity, during bear markets which were still likely to last.
This removal of some miners from the game caused the network’s hash rate to drop, then bitcoin mining difficulty. These declines were a good news for survivors. They see the competition shrinking and who can mine more bitcoins as well. However, if they exceeded a certain threshold, they would then have seriously jeopardized the level of security of the blockchain.
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The bear market persists, the miners resist
The situation has changed little since Bitcoin returned to $20,000.
Cryptocurrency is trading around $19,342 at the time of writing this article. It has not been able, in the meantime, to make a sufficiently strong bullish rebound, such as to breathe tenacious hope into the markets. This hope would have hinted at a near end to the crypto winter, and an imminent return to spring.
Although the markets are still seized up, the remaining miners mostly seem to have withstood the onslaught of the bears (sellers). They have, however, flayed the finances of many crypto giants.
Growth or recovery, bitcoin mining difficulty recorded a strong increase of 13.55% last October 10. The network’s hash rate hit an all-time high the following day, October 11.
After 2016 new blocks mined in about two weeks, the mining difficulty was again adjusted upwards to 3.44%. It thus reached a new all-time high at block 760,032 on October 23.
Bitcoin mining has not only suffered from the sluggishness of the markets with Bitcoin trading around $20,000, but also from the onslaught of regulators, some of whom go so far as to gag overly vocal mining companies. Recent increases in mining difficulty show that miners are tough. In doing so, the scenarios of a serial shutdown of the machines, which would have really made the network vulnerable to attacks, could ultimately remain simple … scenarios.
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