CryptoTracker.pl - kursy kryptowalut logo CryptoTracker.pl - kursy kryptowalut logo
Seeking Alpha 2021-07-04 13:10:14

Bitcoin rallies after largest-ever downward difficulty adjustment

peshkov/iStock via Getty Images To review, China in June launched attempted to end Bitcoin (BTC-USD), with a well-coordinated effort that shut down nearly all bitcoin miners in the country. As the miners unplugged, the hash rate plunged, helping to crash the price of bitcoin from nearly $43K to below $29K in a few days time late in the month. Bitcoin was designed for new blocks to be added to the blockchain roughly every ten minutes, but with far fewer miners at work, block times rose to more than 20 minutes at one point in late June. That brings to the front another brilliant, but less discussed aspect of Satoshi's creation - the difficulty adjustment. Every 2,016 blocks (about every two weeks), Bitcoin's algorithm automatically adjusts upward/downward the difficulty of completing the equations that result in new blocks being mined (and bitcoin being rewarded) so that block time returns to about

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer