The difficulty of mining bitcoin after the next recalculation fell by 6% this morning. This is the third decline this year and the first since the May 11 halving..
“The decline was expected and occurred in view of the recent drop in hash rate after halving,” write analysts at Glassnode..
The current decline may not be enough to bring the average Bitcoin block release time back to 10 minutes. This is due to the fact that the two-week period over which the difficulty is calculated included one week before the halving, when miners threw capacity to mine blocks with as-yet-unchanged rewards. As a result, according to BTC.com, the average block time in this segment was 10 minutes 39 seconds, while in fact in recent days it has approached 14 minutes..
“We believe that as halving approaches, miners in China have been building up resources, even with older generations of devices, to get the most out of the last days of high rewards,” Kevin Jean, director of blockchain strategy at Greenidge Generation, said in an interview with CoinDesk..
Vice President of the Poolin mining pool Alejandro de la Torre supports this opinion: “This is why we have seen such sky-high hash rates.”.
According to trackers Poolin and F2Pool, in the current environment, miners of older generations cannot be profitable with electricity prices above $ 0.05 per kWh. The onset of the rainy season in China is helping local miners gain access to this electricity and stay in business for now. Premises owners have reduced rates for accommodation this year mining equipment in the southwestern provinces up to $ 0.03 per kWh.
The current block release rate allows BTC.com to predict that the next recalculation will reduce the difficulty by another 6%. One of the largest drops in difficulty over the entire existence of bitcoin occurred in March against the backdrop of the collapse of the cryptocurrency market – then the value dropped by 16%.
It is easy to buy cryptocurrency on our exchange omg usd p2pb2b.io