Bitcoin challenge nears all-time record days to halving

0

A week before the block reward halving in Bitcoin, the level of difficulty has approached the all-time high.

A week before the block reward halving in Bitcoin, the all-time high in difficulty was approached.

Difficulty expresses the difficulty of producing Bitcoin with simple expression. Due to the system of Bitcoin, a difficulty adjustment is made every two weeks considering the increases and decreases in the total computing power of the equipment used to produce Bitcoin, namely the hash rate. The aim is to ensure that the block times are 10 minutes. A rising hash rate means that difficulty will increase, and a falling hash rate means that difficulty will drop.

According to BTC.com, the number increased to 16.10 trillion a week before the halving with the difficulty adjustment made in the morning. While the difficulty increased by about 1 percent, the figure reached is close to the 16.55 trillion summit on March 9, 2020.

According to the latest data, the hash rate is 117.4 exsahash per second.

In the meantime, 4 blocks in 1 minute and 16 blocks in 1 hour were found in the past days. As it is known, the average time between blocks in Bitcoin is 10 minutes. For this reason, the number that should be at most 6 in 1 hour was far above this. This rapid block production was considered as a sign that the level of difficulty at that time was low.

The largest cryptocurrency with its market value is increasingly approaching halfway. In this event expected on May 12, the number of Bitcoins produced daily will decrease from about 1800 to 900. Thus, less than half Bitcoin will enter the market through newly produced Bitcoins. It is predicted that the hash rate, which is a measure of participation in mining, will also decrease after this decline in mining awards.

See Also
Tim Draper: Coronavirus May Be an Opportunity for BTC

Bitcoin is changing hands at $ 9050, when the news goes live.


LEAVE A REPLY

Please enter your comment!
Please enter your name here