As a result of a sharp decline in the price of Bitcoin , mining of cryptocurrency is becoming less and less profitable. Therefore, many digital miners and mining pools go into standby mode, disabling equipment. At the same time, the time between the extraction of the next block in the network begins to increase.
This is the second largest decrease in hashrate in the entire history of the Bitcoin network (BTC)
Bitcoin hashing complexity is usually adjusted every two weeks to maintain a normal 10-minute time to get a new block. The depreciation and the subsequent decrease in the number of miners led to a decrease in the hashrate. The extraction of one unit took 12 minutes.
December 3, the level of complexity of mining Bitcoin showed the second largest drop in history. For the first time since November 2011, the complexity of mining BTC has collapsed by 15.13% in one recalculation of complexity, according to data provided by the Chinese mining pool BTC.com .
The largest drop in the history of bitcoin mining was recorded on October 31, 2011 (-18%), another decrease (-13%) in mid-October 2011 is the second largest decline today.
Some miners will be able to start mining BTC again.
Now the complexity of bitcoin mining is 5,646,403,851,534, before that it was 6,653,303,141,405. The maximum difficulty of extracting the first cryptocurrency was recorded in October of this year and was 7,454,968,648,263. Therefore, the current drop from the historical maximum was already 32 %
According to experts, the decrease in complexity is caused by the collapse of the Bitcoin price, which made mining unprofitable. Now the remaining digital miners in the network to extract coins has become 15% easier, which increases the profitability of mining per unit of computing power. Such a correction of the complexity and hashrate of the network makes mining more profitable, and some miners can resume bitcoin mining.
Recall, according to a rough estimate of the pool F2pool, in the period from mid-November from 600 000 and 800 000 miners stopped working .
