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Bitcoin’s Mining Problem Modify Prints 2022’s Second Largest Increase — Metric Nears Uncomparable High

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On Wednesday, Bitcoin’s mining problem jumped 9.26% higher, recording the second highest problem rise in 2022. The most recent rise is Bitcoin’s third problem increase since August 4, 2022, and it’s currently 11.63% tougher to search out bitcoin block reward.

Bitcoin Problem Jumps 9.26% — Metric Prints the Second Largest Rise This Year

Bitcoin (BTC) has fully fledged the third problem increase this month because the problem rose by 9.26% on August 31. The problem modification transpired at block height 751,968, and the 9.26% jump is the second biggest this year. The biggest rise in twenty22 transpired 223 days past on Jan 20, 2022, at block height 719,712.

Currently, the problem is 30.98 trillion, that is barely 0.27 below the network difficulty’s uncomparable high (ATH) at 31.25 trillion on May 10, 2022. With bitcoin’s lower USD worth and a 9.26% problem increase, miners are dealt a blow. In fact, the last 3 problems will have created it 11.63% tougher to search out a bitcoin block reward before August four.

On August 4, at block height 747,936, Bitcoin’s mining problem rose by 1.74% and period later, it rose once more by 0.63%. 5 days past, Bitcoin.com News according to the community discussing the chance of the problem seeing a notable rise. On August 25, Blocksbridge Consulting tweeted that it had been expecting “a notable problem jump.”

Furthermore, throughout that very same week, Bitcoin’s hashrate spiked to 282.21 exahash per second (EH/s). The hashrate was roughly 3.35% not up to the uncomparable high (ATH) recorded on June 8, 2022, at block height 739,928. At the time of writing, Bitcoin’s hashrate is coasting on at 236.33 EH/s.

The difficulty rise and therefore the lower BTC worth has not affected miners nonetheless because the hashrate continues to run at elevated speeds. The problem will increase once a 2,016 bitcoin block rewards square measure discovered ‘too quick,’ and therefore the metric decreases once the block discovery time or interval is ‘too slow.’

Average Block Interval and Current Hashrate Speed Show Another Increase is Probably Within the Cards

Satoshi Nakamoto’s style makes it therefore roughly each 10 minutes, a brand new BTC block is found because the DAA system is shapely by a Poisson distribution theme. the typical block interval at the time of writing is 7:59 minutes, which implies if future a pair of,016 bitcoin block rewards square measure discovered ‘too quick,’ future problem is calculable to extend once more.

There square measure roughly 1,964 BTC block rewards left till future problem shift and it’s calculable to require place on September 12, 2022. If the increase is higher on its day, there’s an excellent chance that the network’s problem might alright surpass the ATH recorded 113 days past on May 10, 2022.

The post Bitcoin’s Mining Problem Modify Prints 2022’s Second Largest Increase — Metric Nears Uncomparable High first appeared on BTC Wires.



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Protocol Village: Hinkal, Instititutional-Grade Self-Custodial Protocol, Plans Launch of 'Shared Privacy'

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July 8, 2024

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The latest in blockchain tech upgrades, funding announcements and deals. For the period of July 5-10.



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Republican National Committee Endorses Pro-Bitcoin Platform in Party Draft

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2 hours ago

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July 8, 2024

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Today, a Republican National Committee panel approved a draft of its 2024 party platform, that strongly supports Bitcoin. 

On page nine, the draft explicitly states, “We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their digital assets, and transact free from Government Surveillance and Control.”

Additionally, it promises to end what it calls the Democrats’ “unlawful and unAmerican Crypto crackdown” and opposes the creation of a Central Bank Digital Currency (CBDC). According to The Hill, the platform committee overwhelmingly approved the new draft and it will face a final vote on Tuesday.

This decision further marks a clear stance by the Republican party in favor of Bitcoin and cryptocurrency innovation, positioning itself against the current unwelcoming stance by the Biden Administration and Democrats. 

The draft reflects the growing interest and advocacy for protecting and supporting Bitcoin within the party, aligning with broader trends of Bitcoin adoption and support among various Republican politicians. In May, Donald Trump said he “will ensure that the future of crypto and Bitcoin will be made in the USA.”

The full approved draft can be read here:

View the original article to see embedded media.





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Bitcoin Mining Difficulty Crashes 5% To Lowest Level In 3 Months, What Happens Next?

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5 hours ago

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July 8, 2024

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Recent data shows that the Bitcoin mining difficulty is on the decline and has hit its lowest since May. This is significant considering what this could mean for the Bitcoin ecosystem, specifically Bitcoin’s price.

Bitcoin Mining Difficulty Drops To 79.5 T

Data from CoinWarz shows that Bitcoin mining difficulty has dropped to 79.5 T at block 851,204 and hasn’t changed in the last 24 hours. This mining difficulty has continued to fall for a while, with further data from CoinWarz showing that it is down 5% in the last seven and 30 days. 

Bitcoin mining difficulty refers to how hard it is for miners to mine a new block on the Bitcoin network. The difficulty usually reduces when there is less computational power on the power and increases when miners are mining faster than the block average time of ten minutes. The recent drop in mining difficulty suggests that more miners are leaving the Bitcoin network.

This is most likely due to the effects of the Bitcoin halving, which cut miners’ rewards in half. This has reduced the revenue from their mining operations, with many miners struggling to stay afloat, especially with increased competition. Bitcoin’s price action since the halving has also not helped, as the drop in the flagship crypto’s price has also affected their income. 

Bitcoin miner f2pool recently highlighted the profitability of various categories of miners at Bitcoin’s current price. The mining firm noted that only ASICs with a Unit Power of 26 W/T or less can make a profit at Bitcoin’s current price range. 

Bitcoin mining

Crypto analyst James Van Straten also recently highlighted how “weak and inefficient miners” continue to be purged from the Bitcoin network. He claimed that the recent drop in mining difficulty shows that miner capitulation is closer to ending. Due to the low profitability that miners have faced since the halving, some have had to offload a significant amount of their Bitcoin reserves to meet operational costs, and others have had to exit the Bitcoin ecosystem entirely. 

What This Means For Bitcoin’s Price

The decline in mining difficulty suggests that miner capitulation might be ending soon, which is a positive for Bitcoin’s price considering the selling pressure these miners have put on it. Bitcoinist reported that Bitcoin miners sold over 30,000 BTC ($2 billion) last month, which ultimately caused the flagship crypto to experience significant price crashes.

Crypto expert Willy Woo also attributed Bitcoin’s tepid price action to these miners and mentioned that the flagship crypto will only recover when the “weak miners die and hash rate recovers.” He stated that Bitcoin would have to shed weak hands for this to happen, with inefficient miners going into bankruptcy while other mines are forced to buy more efficient hardware. 

Bitcoin price chart from Tradingview.com



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