Bitcoin’s complexity hits highest since July recession

The Bitcoin network showed the highest complexity in the past month, suggesting that mining activity on the blockchain is gathering pace. The network’s difficulty level will be adjusted every 2 weeks or reach 2,016 blocks, and from the start of the day the difficulty level will be 7.3%, linked to 15.56 T at the time of writing.

Difficulty майнинга bitcoins. Source:
The complexity of mining is greatly influenced by the number of networked distributed computer systems. As the number of computers / miners increases, complexity increases, and the fewer miners in the network, the more adaptable the network and the corresponding level of complexity.

The ban on bitcoin miners living in China, launched by Chinese authorities in May, led to the largest mining exodus in the network’s history. With millions of mining machines disabled, mining complexity was automatically adjusted by the network in July, and here we are talking about a big 28% reduction in complexity. After the slash, the block solution took an average of 10 minutes.

Rescuing miners in offline crises
With China banned, some miners have reportedly begun supplying mining equipment and equipment to new Bitcoin-friendly countries, notably Kazakhstan, Canada and the United States. Logistics in transporting and installing miners from one region to another can contribute to keeping mining challenges low. However, as miners begin to find new homes, stopping crises offline, challenges begin to get the necessary momentum.

The complexity implies that more effort needs to be made to secure a reward for bitcoin, while it also largely means the robustness and security of the network. With the increase in the number of miners connected to the system, the probability of recording a 51% attack on the blockchain is becoming increasingly likely,

Join the Discussion

  • BrokerEUR/USD
    CMC Markets 0.7pips. (variable) margin: 3.33%
    OANDA 1.3pips (variable) margin: 3.33%
  • Back to top