One of the most ingenious ideas in the Bitcoin network is the difficulty adjustment, that guarantees the average block production time remains close to 10 minutes.
This past Tuesday, a phenomenal event happened to Bitcoin and the best part about it is that you can personally take advantage of it! In fact, two days ago, Bitcoin mining difficulty suddenly dropped by -16.05%! This drop in difficulty is the most significant percentage drop in 9 years out of Bitcoin’s 11 years of existence.
This sudden drop was accompanied by a sudden rise of +11.88% in transaction fees per block. Moreover, Bitcoin’s price has been witnessing an insane rally as of lately, and finished the month October with its second highest monthly close carried by the PayPal news.
All of this puts you in the perfect conditions to begin your mining operations. The decrease in mining difficulty makes Bitcoin a lot easier to mine. The reason behind this difficulty adjustment can most probably be traced back to Chinese miners taking their rigs offline to relocate them.
Philip Salter, Head of Operations at Genesis Mining explains it more in this video:
But what exactly is mining difficulty? Mining difficulty measures the computational power needed to compete for mining BTC. This difficulty is adjusted once every 2,016 blocks, which takes around 2 weeks.
What this means is that this historically low
mining difficulty is temporary and could be gone after 2 weeks! There is an
opportunity to act, but only if you act now.
The current situation sees low mining difficulty (-16.05% adjustment), high transaction fees per block (+11.88%% increase), a significant part of China’s miner being offline (i.e. not competing), and Bitcoin’s recent bullish rally culminating in its all time second highest monthly close. A similar situation probably won’t occur anytime soon.
P.S. As a CryptoTicker reader, you can use the following code once you click th link to enjoy an additional discount of 3%:
About Genesis Mining
Genesis Mining ist a hashrate provider, operating its own Bitcoin and Ethereum rigs in Iceland mostly. Anyone can rent their hash power. As such, they provide mining as a service. The company was founded by Bavarian entrepreneurs Die Marco Streng and Marco Krohn.
You might also like
More from Crypto
This decline means a resounding drop of more than 50% since its price reached an all-time high. It is important …
In this XRP Price Prediction article, we'll look into the important levels to consider when approaching your XRP trade. Should …
Bitcoin investors often say the world's largest cryptocurrency is "digital gold". However, the Bitcoin crash occurred along with stocks as …