What does the difficulty of mining network mean (whether mining difficulty is high or low)
What does mining network difficulty mean? What does mining network difficulty mean? Through statistical data, it was found that the current average mining time for Bitcoin is 10 minutes. Based on the current network computing power, as of July 1, 2019, the total network computing power of Bitcoin reached 4.76EiB, with about 2 months remaining until its peak. If calculated based on the current network difficulty, it will take approximately 5 hours to complete the mining task At current prices, mining software can run online 24 hours a day, while at current Bitcoin prices, the mining system processes approximately 20 transactions every 8 minutes
Is it better to have high mining difficulty or low mining difficulty?
Editor’s note: This article is from Caiyun Blockchain (ID: cybtc_com) and is reprinted by the Daily Planet with authorization The mining difficulty of Bitcoin has been increasing recently, but now it has started to decline again. With the increasing number of new currencies, the demand for blockspace has also increased, which has led to some skeptical voices:
So, how much harder will mining be in the current market situation?
? The answer is simple – what kind of computing power is needed to determine the price and revenue But what exactly is going on in this situation? We look at it from two perspectives Firstly, let’s take a look at whether the current BTC mining difficulty has reached the peak of the 2017 bull market, or has the ETH mining difficulty reached a new high? If the difficulty of mining in the current market is still relatively low. But for ordinary investors, this data can actually be used as a reference to determine the overall strength and future development direction of a project On the other hand, although there have been some minor changes in the BTC network since the beginning of this year, such as some users discovering that they may not be able to conduct normal on chain transfer transactions due to the lack of BTCs previously discovered, it seems that there has not been any change today, so there will not be such a problem. In addition, due to the belief of many investors that the price of BTC may rise, the volatility of BTC is significant, and may even lead to a decline. Of course, there may also be other reasons, including the sharp decline in recent months, the continuous sideways trend of Bitcoin, and other factors, but all of them are just a matter of time Secondly, one more thing to consider is that the change in coin prices before the halving of Bitcoin was the same. At that time, the price of Bitcoin was still hovering around $38000, and it was not until 4pm this Friday that there was a significant increase. Moreover, there was almost no significant change during this week, and instead, it suddenly plunged during the weekend, making everyone more concerned about the impact of the halving. Finally, let’s analyze the current situation of the Cryptocurrency market According to Bitinfocharts data, as of 12:40 on September 18th, the total value of the entire digital asset is approximately $1.7 billion (excluding exchanges). That is to say, according to the current number of active addresses of Bitcoin, the circulation of Bitcoin is about 21 million, and according to statistics, more than 20 active non exchange wallets send Bitcoin and Ethereum every day, which is equivalent to about 5 new wallets entering the Digital ecosystem every day. At the same time, the number of new wallets added to Bitcoin every day is gradually increasing, with most of them being “grayscale”. These users hold a large amount of GBTC, while there are many wallets in the market that only store a small amount of Bitcoin. (Note: Before the end of June, GBTC accounted for over 80% of Bitcoin’s global total)
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