The performance of the Bitcoin (BTC) network has increased by approximately 30% in the past 24 hoursThis suggests that there could be a major adjustment of the difficulties soon.
According to Coinwarz Bitcoin’s hash rate is currently 157.5 exahashes per second (EX / s) after briefly exceeding 160 EH / s. At the time of going to press, BTC’s hash performance has increased 42% in two days.
The increase is due to a sharp drop in hash power in late October, which many analysts attributed to the end of the rainy season in China’s Sichuan mining center.
It is estimated that the province’s abundant and cheap hydropower draws about 80% of Chinese miners during the rainy season. In December, CoinShares estimated that Sichuan represented 54% of the world’s mining activity.
Quantum Economics analyst Jason Deane speculated that the sudden surge in Bitcoin’s hash power could be a sign that many Chinese miners have completed their migration from Sichuan and resumed activities in other local mining centers such as Xinjian and Mongolia. Within.
A big jump in the hash rate of #bitcoin in the last 10 hours (+ 29.7%) A large number of machines went online somewhere and may have relocated miners from the Sichuan area … pic.twitter.com/UKahgQ37Tm
– Jason Deane (@JasonADeane) November 9, 2020
The sudden increase in mining activity suggests this The network is likely to create another great level of difficulty.
A significant upward revision would come amid the discomfort of non-Chinese miners who have made higher profits following the apparent migration in October of Sichuan would result in a negative difficulty adjustment of 16%, the second largest downward correction in Bitcoin’s history.
Earlier this week, the world’s largest hydropower generator for the private sector, Russian company En + Group announced that it will start a cryptocurrency mining company in collaboration with local company BitRiver.