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The speed of bitcoin block generation drops to the lows of 2017

May 18, 2020

Generated only 95 blocks on the Bitcoin (BTC) blockchain on May 18 Data presented by the Bitcoin analyst under the pseudonym

“In the past 10 years, we’ve only had 8 days with fewer than 100 blocks generated.”, the analyst tweeted, referring mainly to the third quarter of 2017.

In an interview with Cointelegraph, the analyst This is attributed to the halving of Bitcoin’s low block time level and in particular the decrease in the BTC hash rate:

“Many miners cannot make a profit now because their spending remains the same and their income is cut in half.”

The speed of bitcoin block generation drops to the lows of 2017
The speed of bitcoin block generation drops to the lows of 2017

According to the graphic presented by the analyst daily generation of BTC blocks It fluctuated by 100 to 120 blocks per day after halving, but then fell to only 95 blocks on May 18.

The speed of block generation depends on the hash rate of Bitcoin The latter, which is automatically adjusted every 2016 blocks, is designed to generate a block take about 10 minutes.

However, the expert is skeptical that the speed of block generation normal again after the next recalculationbecause the BTC price stays below $ 10,000.

“I don’t think the difference adjustment will return to 10 min / block. Because the adjustment is made based on the average of the entire period (since the last adjustment). And this average is not a current picture since it is also a week before On the other hand, if the price rises above $ 10,000 and continues to rise, some of these miners can replace their gear and increase the hashrate. ”

Other consequences of halving

As reported recently CointelegraphThe BTC transaction rates suffered from unusual volatility in half. Increase of more than 800% in one month.

With halving the block reward, about 17% of the miners’ income now comes from transaction fees.