@hugorOnNoiseApp 29 June 2021

BTC Mining Puzzle Sorting Itself Out. Later this week, possibly on Saturday, Bitcoin’s “mining difficulty” will drop by more than 20%. That’s the biggest downward adjustment, ever. Bitcoin's mining difficulty determines how challenging it is to mine new blocks, a process which involves solving a cryptographic puzzle, requiring a huge amount of computational power, or hashes per second, resulting in a network that had 142 exahashes (see earlier reference to "huge amount") per second as of only a few weeks ago; however, currently, with Chinese miners shuttering/exiting amidst a government crackdown, the network's hash power has fallen below 100 EH/s. BTC’s mean hashrate fell to 94 EH/s on Sunday – the lowest since May 2020, according to Glassnode. The less hash power deployed on the network, the longer it takes to produce blocks; the mining difficulty mechanism keeps the throughput to about ten minutes on average, with a maintenance tweak every 2016 blocks. Were hash rates soaring, and block production speeding up, the difficulty would be increased. Quite a labyrinth. Anyhow, those miners remaining online will be more profitable and thus unlikely to pressure BTC price by selling coins in the coming weeks, Glassnode said. #CryptoTrading