After 7 years the biggest difficulty adjusting after the bitcoin network is already stable. In December 19th, bitcoin mining difficulty down to 5.11T, back to the level of June of this year. It is estimated that 11 days will be down again, reaching 4.70T.
Bitcoin network self healing, machine restart
Because the previous bitcoin prices fell to 15 month low, only in the past month fell 50%, miners facing operating losses, or simply stop.
According to BitMex data show that in November this year, bitcoin prices plummeted due to other factors, bitcoin mining profitability has shrunk dramatically, almost all machine running in a loss, about 1 million 300 thousand bits, S9 machine has been shut down.
However, due to the difficulty of adjustment rules of the bitcoin network, bitcoin mining difficulty began to adjust, the downward adjustment difficulty to help offset part of bitcoin prices fell adverse effects on the miners.
From the monitoring resources and wallet provider Blockchain data confirm that bitcoin is in force is adjusted to rise again.
After the encryption of money market next year seems to have created lows, showing the bull market trend has been for several days, bitcoin prices rose, from the lowest point of the year has recently rebounded nearly $1000 today, has stood on the $4200, plus after bitcoin in the recent difficult to adjust, bitcoin mining income has significantly increased some were forced to shut down, after the bitcoin mining machine has now reboot, promoting bitcoin stress recovery. According to the fish data show that by 0.4 yuan / kWh calculation, the ant T9 machine shutdown currency price is 24773 yuan, has been lower than the BTC price 26532 yuan, you can boot again.
Financial technology service provider Global Payments chief product officer Frank t (Frank T. Young) Yang Tuesday in social media published a bitcoin hashrate data chart.
Bitcoin self adjustment vs. fed artificial interference
Note: the longest serving former Federal Reserve Chairman William McChesney Martin had the Fed’s role definition as “in the party better and better take away blackjack, meaning that the Fed needs to tighten monetary policy in advance to avoid the risk of inflation and asset bubbles.
Young believes that bitcoin “self correction” not only illustrates the encryption currency as an ecosystem sustainability, and the Federal Reserve (FED), including the legal currency system still in use of the artificial interference process compared to bitcoin obviously at another level.
For example, 12 19 on Tuesday, the Fed announced interest rate hike.
“(bitcoin hashrate) by the difficulty of adjustment has stabilized,” commented Young.
“When you see Wednesday’s fed news, ask yourself,” which way is more sustainable? “Bitcoin or fed? This is “the Fed’s political views drive” or “math?””
Catalina Marketing, chief product officer Bensipuleiche (Ben Sprecher) also made the same response, “said bitcoin built a self correction, self regulating mechanism, which is very surprising”.
“When the party started away Blackjack” + “in the” need “to add” just enough “stimulus” is fed by internal incentive balanced mechanism replaced by mathematics.