Difficult to mine Bitcoin has not done this since 2018
The difficulty of mining bitcoin has been doing this since 2018, which is $ 3 million in BTC
Bitcoin (BTC) looks like it did at the bottom of its 2018 bear market - and one basic thing is to repeat a move that has only happened twice in its history.
An analysis of the difficulty of the Bitcoin network after its latest correction on June 4 shows major similarities with when BTC / USD trades as low as $ 3,100.
Course difficulties for third history
This week, difficulty of adjustment decreased by 9.3%. That followed a downward shift two weeks earlier - -6%. If the next correction is also negative - currently forecast at -7% - this will only be the third time that three negative adjustments have occurred.
Except for December 2018, the only other occasion was a record of eight consecutive downward adjustments since 2011.
The phenomenon of repetition may also be significant. Difficult to provide an estimate of the benefits of miners and bringing it down encourages participation in Bitcoin transaction validation.
Adjustments are also the key to securing Bitcoin Bitcoin status like hard currency. Difficulty changes are automatic when each 2016 block is mined and allows Bitcoin to self-adjust as expected without compromising security.
Bitcoin's difficult mining chart shows that 2018 dropped. Source: BTC.com
Bitcoin, works like it was designed to
In 2020, the situation becomes complicated only a few weeks after the event of reducing Bitcoin's third block subsidy, causing the miners' revenue to drop by 50%. As Cointelegraph reported, the sell-offs from mining groups continued later, with miners selling more than they earned.
However, for the famous commentator WhalePanda, the current behavior shows that it is business as usual for Bitcoin.
After 3 weeks since #Bitcoin halved the number of nearly empty mempools, 1 transaction has been confirmed, he tweeted last week.
There is no mining whirlpool, although we have lost nearly 50% of the hashrate, it is bounced back, adjusting for the next difficulty down to less than 10%. Bitcoin works as designed to.
The lower difficulty will increase the hash rate as the miners increase their participation. The hash rate has increased after halving and a popular theory shows that price action follows the hash rate increase.
Three months after the low of December 2018, BTC / USD began a top rally with nearly $ 14,000.
Last year, a new metric stated that Bitcoin should be at the top of the low 1,000% 2018 difficulty level.
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