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With all the doom and darkness published on Bitcoin at the moment it is often difficult to overlook how it was designed. When prices fall, the hashrate and mining difficulties follow the same situation in which the blockchain works exactly as designed.
The major merchants of misfortune are almost massaging their gilded hands with joy while Bitcoin falls to new annual lows and drops more than 80% from its all-time high. Stories of closure of mining companies due to non-profitability have added fuel to the fire. Even consolidated finance sites such as Marketwatch are headline desperation and cryptic.
According to that piece of opinion, Bitcoin is approaching the point where it becomes useless arguing that a drop in the price below the cost for me will make the digital currency redundant. However, with the drop in price comes a decline in difficulty, as evidenced by the charts on Blockchain.info.
15% of difficulty in difficulty shows the ease with which miners can find a new block. The hashrate, which has decreased by the same amount, shows the amount of computing power required to perform the calculations.
At the time of writing the hashrate dropped to just under 32 million TH / s.
Because powerful mining machines like Bitmain's Antminer S9 turn off due to the cost of energy consumption, in the mining pool there is less computing power that will reduce the difficulty.
Some observers have noted that this was the biggest fall in Bitcoin history.
#Bitcoin has just had its second biggest decline in mining difficulties in history: -15.1%. This is the current ranking:
2011-Nov-01: -18.0%
2018-dec-03: -15.1%
2011-Oct-16: -13.1%
2012-dec-27: -11.6%
2011-mar-26: -9.5%
2013-Jan-26: -8.6%
2011-dec-01: -8.5%
2012 May 25: -9.2%– Fernando Ulrich (@fernandoulrich) 3 December 2018
This fall came a year after the biggest increase in Bitcoin history, so things are getting tired of the ecosystem and the blockchain is behaving as it was designed. The fall makes my Bitcoin more profitable than some of the other cryptocurrencies. This could open the doors to new miners and reduce the power of conglomerates like Bitmain.
As reported earlier by ETW, Bitcoin miners are now switching to alternatives such as BCH or BSV. The recent "hash war" between rival groups and attempts to attract BTC miners in their field have undoubtedly influenced the recent rout of the market, which has brought prices down by almost 40%.
Things will end up rebalancing in the Bitcoin network, it will find a fund, it will probably stay there for a while, so, according to many observers in the sector, it will meet again around the middle of next year.
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