Following the migration of Chinese miners on July 3 and the latest adjustment in computing power, the difficulty of mining bitcoin dropped by 27.94%, making it the biggest negative adjustment in the history of cryptocurrency. And according to the data, the difficulty of mining coins will be further reduced to 28.03%. Since May 30, the difficulty of mining bitcoin has dropped three times in a row, and the trend is still falling. It is difficult to improve computing power significantly in the short term.
The difficulty level is updated every 2,016 blocks on the Bitcoin network, which is updated nearly every two weeks. This is to ensure that a block is generated every ten minutes or so, although the hashing rate fluctuates. Since the June 13 correction, Bitcoin’s 7-day moving average has fallen from 136.47 eH /s to 85 eH /s. This low hashing rate results in a slow block production rate because the residual force is not enough to keep up with the difficulty adjustment. Over the past two weeks, the average block was generated every 13.9 minutes, which is much higher than before.
On July 1, it took 129 minutes to generate a block. This is the longest generation time since 2011, although a number of factors are at play, including inherent differences in generation times. Therefore, the difficulty of mining coins in a short period of time continues to be significantly reduced, which will have a negative impact on all network security.
This is good news for unaffected overseas miners. The profitability of bitcoin mining is expected to grow by around 35% in the short term. Such a doubling of returns can take months, according to analysis by overseas mining companies.
However, bitcoin mining computing transfer is not a simple project. Hardware relocation and mine construction are not easy, and logistics can take months. But small and medium-sized miners who are unable to go out to sea because of the policy have to opt out. This is the case for a large proportion of the time, and they naturally do not enjoy the ease of difficulty of the vacuum period.
Clearly, the crypto world does not exist in isolation; it is still constrained by the real world. In order to obtain the dividend of The Times, only by always taking the policy orientation as the wind direction, so as to accurately control the main artery of the industry.
The continuous decline in the difficulty of mining Bitcoin means that many small and medium-sized miners and mining companies have to hand over their computing power to large mining companies, losing their living space. However, the blockchain industrial policy is always guiding the market, and new opportunities and new dividends are becoming more and more clear! A promising coin-mining project like IPFS/Filecoin, backed by a large institution, is definitely the best decision.
Although FIL currency prices after a sharp correction in the bear market, but that doesn’t mean the FIL COINS have no hope in the future, for fear of FIL currency is one of the minority has the practical value of the encryption currency, we assure you FIL application also need two or three years time, landing and coincides with dig currency cycle, dig out is FIL currency surged from time to time.
This pullback will have little negative impact on FIL miners and will be an opportunity for the majority of miners who will enter. Because of the IPFS project’s strict coinage mechanism, miners who wanted to participate in IPFS/Filecoin coinage were previously locked out. Now that the price of the coinage has dropped and the GAS fee has been adjusted to be close to zero, this is a great benefit for miners.