Topic: [2021-07-03] Bitcoin Mining Difficulty Records Largest Drop in History (Read 119 times)

Yes, it is true because bitcoin is one of the largest coin in the world of cryptocurrency and there is an increasing number of its users so that it has being difficult to mine it and there being so many problems to mine it and as we know it has touched 70000$ and around before 3 months it has being downwards so that the purchasing of it makes crises and it is going difficult to mine it in my point of view.

Bitcoin hashrate PLUMMETS to levels not seen since *checks notes* October.

The current hashrate remains higher than the hashrate for the entirety of the first 10 years of bitcoin's existence. This is just the same clickbaity nonsense as when bitcoin goes from $4k to $60k and then levels out at $35k, that means bitcoin is obviously in a death spiral.

Current estimates are for another 8% decrease in the difficulty at the next retarget - https://diff.cryptothis.com/. Although, we still have 14 days to go, so plenty can change. Obviously the large miners aren't just going to shrug their shoulders, give up mining, and let hundreds of thousands of dollars worth of mining equipment go to waste. And as the difficulty drops, then the incentive grow for smaller miners to increase their hashrate. So you are right that the mining equipment will either get moved somewhere else or sold to someone else, but it could take a few more weeks or even several months for that to happen.

At the end of the day, I see this as a good thing. The hashrate will recover, it will be more decentralized than it was before, and for now I get to do some 1 sat/vbyte consolidating.

Ah yes, the classical clickbait in every news using such catchy phrases yet the content is just a simple explanation of the whole story.
This news is good for miners especially for those who strive, meaning they have less competitor since China's government been seizing mining company.

Miners from their country should go somewhere if they want to continue their business. But with this pandemic I think there will be a slight problem of finding a good spot to start their mining activity outside the country.

^Like you said, sounds like a good opportunity for all those other newbie miners to come on into the scene now, though, right? All those standing on the sidelines, startups in Georgia, Armenia, Kazakhstan (all that idle hydropower promising loads of wealth).

Though estimates at next diff adjustment show above 20% increase, so maybe it's not going to be such a big impact after all? Those mining equipment getting shipped out of the East gotta end up somewhere.

Personally, I wouldn't mind seeing similar or higher drops for the next difficulty adjustment as long as everything happens on the last day...
^{- Despite how the title of this thread looks like, the actual results aren't that bad and it also brings a few positive things to active and soon to be active miners.}

This kind of reporting is typically what the mass media does. They cherry pick certain scenarios and then they blow it up to be news worthy. (Click bait type articles)

The hashrate did drop, but when the majority of the hashrate was located in China, it was a issue to them too. They made a real big whoooah out of the centralization of hashing power being in China and now this is being rectified and they are not reporting on that? Why?

Why are they not saying that the hashrate is dropping, because the miners are relocating out of China and into other countries?

"largest drop in history". Those journalists know how to pick words.
China crackdown on mining? shutting down some miners? there will be redistribution in other countries and so on.

The title is again "extremely panicking" for no reason. But that's how news work.
Yes, the difficulty has dropped hugely indeed. All I can say is: finally!

The title would imply that something bad has happened this morning. But, no, not at all. The hash rate has dropped indeed badly, but for now the worse was last Monday and now it's actually recovering.
Since the difficulty retargeting period has ended, the difficulty has finally "matched the hash rate" in order to have again proper 10 minute block times.

So it's actually a good news, the mempool will clear up, but the "journalists", as usual, made it sound like something is burning.

The Bitcoin blockchain has undergone its biggest ever drop in mining difficulty, as the network’s automatic stabilizing mechanism kicked in following a strict crackdown by China on the country’s cryptocurrency industry.

Bitcoin’s mining difficulty plunged by nearly 28% at block 689,471 at 6:25 UTC.

The adjustment marks the third straight decline in mining difficulty, the first time such a trend has happened since December 2018. On May 29 and June 13, the mining difficulty dropped by 16% and 5%, respectively, according to mining service provider BTC.com.  

What is Bitcoin mining difficulty?
Bitcoin’s difficulty is measured using an internal score that began at 1 (when Satoshi started mining at the easiest level). It is programmed to increase or decrease incrementally depending on how many miners are competing on the network. It is currently scored at 14,363,025,673,659, down from 19,932,791,027,262.

Blocks are added to the Bitcoin blockchain at a regular and predictable rate: 1 block every 10 minutes or so. Block time measures how long it takes to create a new block, but that pace can vary, depending on the number of miners on the network and the speed of their computers. When there are more miners competing to “find” the next block, and earn the 6.125 BTC reward, then those blocks tend to be solved more quickly. However, when miners drop off the network, leaving fewer miners to compete, block times can slow down.

Read more https://www.coindesk.com/bitcoin-mining-difficulty-largest-drop-in-history