Bitcoin Mining Difficulty Drops 7%, Hits Lowest Since Last December

With the recent dip in Bitcoin prices, the mining difficulty of the original cryptocurrency has hit the lowest point since December 2018.

The mining difficulty of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term dropped by seven percent on Monday, and according to Alistair Milne, the chief investment officer at Altana Digital Currency Fund, miners can break even at an average price of $8,000 apiece.

Bitcoin mining difficulty dropped the most since Dec 2018 after the last adjustment on 8th Nov 2019 (-7%)

... seems to confirm the cost of mining (on average) is ~$8000 https://t.co/vKiJgaxzZh — Alistair Milne (@alistairmilne) November 11, 2019

The mining difficulty is often determined by the associated Hash Rate Hash Rate A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain Read this Term of the network and the market price of the digital currency. A higher hashrate and a lower price will result in losses to the miners, considering the massive associated electricity cost for crypto mining.

The incoming of ASICs

Just after the launch of Bitcoin, it could be mined on a laptop with decent processing power. However, as the price of the digital currency soared, big players dived into the mining industry with Application-Specific Integrated Circuits (ASICs).

This dramatically increased the hashrate of mining Bitcoin, which went up from 5.1 trillion in December 2018 to 13.7 trillion, as of press time. The hashrates followed the price of Bitcoin, which spiked from $3,500 at the end of last year to the current price of above $8,600.

“In my (subjective) opinion those chances of succeeding are at least 50%. If Bitcoin does succeed, 1 Bitcoin may be worth more than $1 million in 7 to 10 years. That is 250 times what it is worth today (at the time of writing the price of Bitcoin is ~ $4,000),” Wences Casares, CEO of Xapo, explained earlier.

Meanwhile, Bitmain, the largest crypto mining hardware maker, is introducing new efficient miners in the market constantly and is also attempting to list its shares in the United States.