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The hash rate (hashrate) The Bitcoin network has declined considerably in recent months, which has affected the decline in the BTC's mining problem by 21.92% in two months. This readjustment takes place automatically every 2016 block, increasing or decreasing the difficulty as the hashrate network.
The last problem raised by the Bitcoin network was raised on October 4 and reached 7.4 Teras. However, since October 18, it has gradually decreased. On October 18, he fell to 7.2 Teras, where he remained until 16 November; but before the fall of hashrate, the difficulty was reduced to 6.6 T. At the last difficulty setting, this it has been reduced by 15.13%, reaching an approximate value of 5.6 Teras, which will be maintained by 2016.
Here we can see the decrease in the difficulty and the number with which this decline began in November. Source: blockchain.com
According to the bitcoiner Matt Odellthis is normal behavior, particularly in the context of the general fall in cryptocurrency prices and the particular decline in bitcoin (BTC). This would have affected the profitability of mining, so some may have decided to turn off their equipment. However, the exit of the miners makes the activity more profitable for those who continue to work in the network.
let's remember that by design, the Bitcoin protocol readjust the difficulty to operate the network every 2016 blocks, to ensure its stability and that the incentive system retains its profitability and attractiveness. Thus, the increase in the hash rate, associated with the entry of new miners or the activation of more mining power on their part, implies an increase in difficulty after each 2016 mined blocks. This process aims to ensure that the entry and exit of minors do not compromise the network's reward system, nor the operation of the consensus mechanism, the Work Test (PoW).
Otherwise, the decrease in hashrate this implies reducing the difficulty, which allows miners active in the network to obtain greater incentives. The reduction of the difficulty is proportional to the reduction of hashrateso that transaction security is maintained. In addition, it is important to consider that Bitcoin is the network with the highest processing power using the SHA-256 algorithm; an attack by malicious minors should therefore occur from within the network. Such a scenario would generate losses for the authors themselves.
After 2018 where the hashrate has grown steadilythis fall, although it has been cataloged as the second most important in the history of cryptocurrency, seems natural and logical, as the miners could have overloaded the network. Despite the reduction of the two scales, the transactions are always irreversible and the value exchanged through the network is the same.
The graph clearly shows the reduction of hashrate and its relationship with reducing the difficulty of extraction. Source: bitcoinwisdom.com
Currently, the network has a hashrate of 36.8 EH / s, according to BitInfoCharts, this having experienced a peak of 60.4 EH / s on November 1st.
In mid-November, we reported a first reduction of the difficulty. Then, the mining difficulty in Bitcoin decreased by more than 7%, due to lack of miners providing computing power. The release of some of them, as well as the "hash war" between Bitcoin ABC and Bitcoin Satoshi Vision for the control of Bitcoin Cash, were then possible causes.
The image selected by: Myst / stock.adobe.com
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