Bitcoin mining difficulty is reduced by another 5%

vlemon in #hive-167922 • 2 years ago

Hi HODLers,

Bitcoin mining coins.png

Bitcoin difficulty was reduced by another 5%. The difficulty has been decreasing over the past 3 month after reaching a high point of 31.251 trillion back in May 2022.

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Statista is showing the split in Bitcoin mining haspower:

US represents 37.84%, followed by China at 21.11% and Kazakhstan at 13.22%.

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Despite the current drop, Bitcoin contnues to operate as the most resilient and immutable blockchain network. Bitcoin is still the most secure network and other networks are not even close!

I also saw this very interesting tweet from Michael Saylor showing that Bitcoin is going greener and greener from an efficiency point of view AND type of energy being used to mine!

Great news to shut down the "ecological" argument.

Source: Bitcoin network difficulty drops to 27.693T as hash rate eyes recovery

Stay safe out there!

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2 years ago in #hive-167922 by vlemon

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anomadsoul 2 years ago

I was reading somewhere, I Can't remember where, that in order for BTC mining to remain profitable after the next fork, the price should be at least around 50k, and to sell right now for miners would be silly because the cost vs the price is even-ish... Can't source that cause I can't remember where I Read it though, but either way the mining cost sell pressure is an important thing to consider!

Btw man, I noticed that you powered up some Leo for LPUD a week ago, thanks for helping the Leo ecosystem grow! You're one step closer to becoming eligible to win that juicy HiveFest ticket.

The next step that will take you close to HiveFest, is to Bring your Fam to Leo, make sure to check it out!

We hope to see you in Amsterdam for HiveFest!

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vlemon 2 years ago

Hey @anomadsoul, nice reading from you.

50k, and to sell right now for miners would be silly because the cost vs the price is even-ish..

I completely agree but some of these miners are living paycheck to paycheck and have to sell to cover their costs or they just stop functioning. So they cannot have the privilege to just keep some BTC on the side for later on.

Yes I did power-up some $LEO and I plan to continue in 2 weeks hehe!

Take care

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bitcoinman 2 years ago

I think the Bitcoin blockchain will become more and more green over time it's going to be impossible to compete unless you get free energy

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vlemon 2 years ago

Indeed, that’s the goal!

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