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While some people anticipate a bullish crux market in the coming year, the current freefall of many digital resources continues to be a source of concern and anxiety, with many becoming pessimistic on the market.
However, in the middle of this, it is possible that the bitcoin may adopt a new adjustment approach in the mining sector to attract former miners and increase its hash power.
This has become increasingly necessary considering the fluctuating loyalty of many miners, particularly in the wake of the division of the Bitcoin Cash forks (BCH), at the beginning of November. A large number of coin miners has migrated from "unrewarding" blockchain projects and digital assets, and has flocked into Bitcoin Cash now Bitcoin Cash ABC (BCH ABC) to chase the double rewards.
Unfortunately, the exodus of these miners triggered a price fall in the bitcoin value. This resulted in the trade of premier tokens at a modest price of $ 3200 to $ 3500, from its all-time high price of $ 20,000 in 2017.
At the beginning of November, the Bitcoin hash rate saw a peak of a whopping 60 exahash per second (EH / s). Unfortunately, this did not last long, as this was followed by a historical low of 35 EH / s. Obviously, the free fall has negatively affected the entire network causing the loss of almost half of its entire percentage of hashes.
The miners had speculated that the Bitcoin Cash Network division could lead to some bonuses and bonuses – projecting an accumulation of a coin for every old coin they had – but the opposite was the case since there was reduction of the network hahrate.
The consequence of this is seen in the fall in market value. Unfortunately, these actions that led to the new bitcoin fund, have also pushed many of the miners to look for more profitable and rewarding alternatives.
Many are now embracing new blockchain networks, while those who fail to cope with the current state of the market are selling their mining rigs – sometimes at 5 cents for every dollar.
In addition, the bitcoin network will make an imminent regulation on the network. This, experts said, will be a difficult adjustment as the network continues to regain more miners and increase their reach hashrate.
Bitcoin to increase the Hashrate through a difficult regulation
Since Bitcoin has lost a number of its miners and with a decreasing capacity of the hashrate, the network could make some changes to its current automatic adjustment procedure. In this case, the blocks will be designed by default to be coined every 10 minutes, placing the network for one adjustment every two weeks.
With this, the network hashrate will increase, the miners will move back to bitcoin and the blocks will be quickly and easily available on the network. This will reverse the current system in which the blocks are coined every 10.9 minutes, a situation that causes a significant decrease (about 10 percent) in its hashrate.
The rehabilitation that should begin in the early hours of 19th December will reduce the amount of difficulty encountered in bitcoin mining and finding 10% blocks.
This new measure will not only see many miners return to the network, but also enjoy good profits on investments.
It is believed that the growth of the bitcoin mining sector will undoubtedly trigger a new upward trend in bitcoins, with a consequent positive outlook for the currency in 2019.
Previous reports had estimated that this new fix adjustment will serve as a catalyst that will accelerate the weak market so far. It is possible that many investors are waiting for this, putting the market back on track for growth and significant returns.
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