Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
A weather event in Texas is causing an effect on the Bitcoin network. Mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. difficulty dropped as miners in that state are feeling a heat wave.
- Bitcoin mining difficulty drops 5%.
- It is the biggest drop in a year and hash rate also fell.
- Texas miners shut down their equipment due to a heat wave.
The mining difficulty of Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. posted its biggest drop in a year this week as a heat wave spreads across Texas that has forced miners there to shut down operations.
Extract a block of Bitcoin (BTC) has become more difficult now that the metric has registered a 5% decrease after the latest hardship adjustment on Thursday, according to data from the mining group BTC.com . The drop is the biggest since July 2021, a decline that at the time coincided with China’s cryptocurrency ban.
The mining difficulty refers to the complexity of the mathematical process behind the mining of Bitcoin a process that involves multiple miners competing to solve complex mathematical equations to extract new blocks and earn rewards. Specifically, this metric measures how difficult it is to find the hash a hash is the output result of a hashing algorithm, which creates a unique, fixed-length string to encrypt and secure a certain selection of arbitrary data. of the block.
This parameter is automatically adjusted every two weeks according to network conditions and according to keeping the time needed to extract a new block to approximately 10 minutes, such as explains CoinDesk . As more computing power is connected to the network, or conversely, as power is subtracted, the difficulty adjusts.
Higher mining difficulty means that the extraction of new blocks has become more labor-intensive, while also meaning that the mining network a network refers to all nodes in the operation of a blockchain at any given moment in time. has become more complex. Bitcoin is more secure.
Hashrate también retrocede
According to CoinDesk This represents the third consecutive decline in mining difficulty and the first time this has happened since four consecutive declines a year ago, when Chinese miners abruptly shut down their operations due to a nationwide ban on Bitcoin . It is worth noting that China then represented the largest percentage of mining power.
In addition to the difficulty, the hash rate has also seen a drop. According toThe Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain.the hashrate de Bitcoin a unit of measurement used to calculate network processing power, has retreated about 8.9% since July 6. The data de Blockchain.com show a decrease from 231 exahashes per second (EH/s) on July 11 to 193 EH/s today.
Texas miners feel the heat
The movement coincides with a weather event that has forced the miners of Bitcoin of Texas to shut down their machines. As reported by DiarioBitcoin the main ones cryptocurrency traders in that state shut down operations more than a week ago to help reduce pressure on the power grid in the face of a heat wave. Nearly 100% of the mining companies have shut down their equipment.
The principal investigator of Arcane Research Jason Mellerud, has shared some thoughts on the recent drop in mining difficulty and the hash rate of Bitcoin linking the data to the event in Texas, a region that is home to a significant percentage of cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. traders, and therefore of hashrate in the U.S. CoinDesk lo citó:
The difficulty a measure of how hard it is to validate a new block on a blockchain. was reduced when U.S. miners contributors to a blockchain taking part in the process of mining. They can be professional miners or organizations with large-scale operations, or hobbyists who set up mining rigs at home or in the office. shut down their machines for significant periods over the past two weeks as electricity prices soared due to a heat wave.
“ The initial drop in hashrate in mid-June was likely caused by the plummeting price of BTC “Mellerud continued. “ But the second drop in early July was likely due to miners switching off in response to high electricity prices “ .
In addition to implications for the global network of Bitcoin These closures may have challenges for Texas miners, as halting operations may mean lower revenues, adding to the reduction they have already experienced in the face of recent price declines in the markets. However, according to Bloomberg Some may be able to offset some of those losses or even make a profit by turning off their in-state power purchase agreements.
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Article by Hannah Estefania Perez / DiarioBitcoin
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