According to Bitcoinwisdom, November 3, the difficulty of mining Bitcoin (BTC) will decrease by 13%. The adjustment resulted from an unprecedented drop in Hasrat blockchain. Thousands of miners stopped work completely or went out of business and sell the equipment.
The algorithm of BTC blockchain adjusts the difficulty of mining every 2 weeks (2016 blocks) in accordance with the computing power of the network. The reduction in complexity occurs if reduced Hasrat blockchain. This happened very rarely, because the network of Bitcoin is mainly gained traction. However, due to a sharp fall in the rate of BTC , many miners were forced to suspend work. According to the mining pool F2pool, from mid-November closed from 600 to 800 thousands of miners Bitcoin.
If BTC will continue to become cheaper, the situation could get worse. According to a study by the German mining company Northern Bitcoin mining cost of 1 BTC coins in some countries already exceeds the price of 1 Bitcoin: in Norway mining 1 BTC will cost $7.700, Australia - $10.000. Mine in China and Saudi Arabia are still profitable - mining 1 BTC in these countries is $3.100, in Russia for mining 1 BTC will need to pay $2.600 (at a price of 3.5 rubles per kW). The cost is determined depending on electricity prices.
The computational power of the network also decreased due to the hard forks of the blockchain the Bitcoin cash. Mining pools, Hasrat redirected from mining BTC to mining Bitcoin Bitcoin cash ABC cash SV. Also.eh, the information that the mining company Bitmain and nChain sold some BTC coins to get additional funding for the war hasraton between the fork Bitcoin cash. This could trigger a chain reaction in the market and to strengthen the bearish trend.
What to expect in the future?
Employees of consulting firms Element Group believe that if Hasrat blockchain and, consequently, the difficulty of mining will continue to fall, it will reduce pressure on the exchange rate of BTC. The old miners will come new, more efficient equipment, they will sell small amount of BTC coins to cover costs, so the market will decline the offer. The demand will remain the same or will rise, which will eventually lead to a trend change and the formation of a new bubble.