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bitcoinIn recent days, bitcoin has been showing ever new records and anti-records for various indicators. So, on March 26, the complexity of bitcoin mining decreased by 16%, showing the largest, unique drop that has not happened since October 2011. The token hashrate also went down and significantly (almost half) updated its minimum three-week-old indicator – 75 EH / s. At the beginning of the month, the rate was 136 EH / s. Now this parameter is in the region of 112, which is still very, very low.
Of course, all miners are familiar with the word hashrate – the value of the amount of cryptocurrency computing power in the network. If it falls, then miners need more time to find the block. Therefore, we can conclude that the events described above are interconnected.
Bitcoin mining is a self-regulatory process. If the price of the token falls, cryptocurrency mining begins to lose profit. Both the hashrate and the difficulty of finding a block of coins on the network are in decline due to the fact that miners turn off devices. However, this increases the profitability of its production, which is a kind of balance of the system.
This situation was also March 13, when the cost of the first cryptocurrency fell to $ 3800. The decline in the cost of bitcoin made its mining unprofitable for the vast majority of miners, especially those who do not have access to low-cost electricity and do not work on large mining farms. They began to turn off the equipment, which provoked a decrease in hashrate.
Ivan Maslov from Bitfury Russia, said that the situation was beneficial to miners who continue their work. He argues that lowering the complexity of mining reduces the cost of mining bitcoin, which makes it the most profitable.
Viktor Pershikov, head of the analytic department at 8848 Invest, said that for those who, after a sharp drop in the price of the first cryptocurrency that happened on March 12 and 13, turn on their equipment again, reducing the difficulty of mining Bitcoin is the most profitable. Based on the fact that the hashrate is recovering, miners are in a hurry to use the current decline in complexity, the expert says.