During the 2018 bear market where bitcoin price plunged more than 80% from the ATH in December 2017, Bitcoin difficulty has been increasing steadily. Now seems that time came for the difficulty to feel the drop like all the cryptocurrency ecosystem.
According to data from Blockchain.com, the drop is by 15% in hash rate and mining difficulty. The hash rate is the total computing power in the bitcoin network and the difficulty is how easy is to mine a block.
Many speak about bitcoin death spiral in case miners stop mining bitcoin. But bitcoin by design is coded in a … Read the rest
Between all the bad comments about Bitcoin, the comment that it “wastes” energy power is the most nonsensical. This way of thinking is contradictory to the fundamentals of the electric power, the way it works and the way markets work.
Electric power is a real-time service which is transmitted by wired lines by specialized companies. It is produced through Nuclear, Hydro Coal, Solar, Wind, etc. Those producers produce energy which is consumed in real time and users are billed per kilowatt-hour. Electricity is used for a lot of purposes like entertainment, heating, cooking, even cars are running on stored electricity … Read the rest
Bitcoin total supply is capped at 21 million which means that on 21 million bitcoin can be ever created. Unlike traditional currencies that are issued by governments which constantly add more cash supply causing the devaluation of the national currency and reducing the value of money held by people.
Bitcoin is created in a way that while more time passes the value of bitcoin increases. Bitcoin is not only capped at 21 million but also every 4 years there is a halving which means that the miner’s reward is reduced by 50%.
Basically, when a new block is minted by … Read the rest
BIP91 blocks have been successfully mined by BiXin and Antpool helping to allay fears that Bitcoin could split in the face of incompatibility between rival Segwit2x and BIP148 implementations.
BIP91 (or Bitcoin Improvement Proposal 91) is the work of software engineer James Hilliard, it addresses incompatibilities between the competing SegWit2x and BIP148 protocols. Both bring SegWit to Bitcoin, except that SegWit2x refuses communication with BIP148, which would effectively cause Bitcoin to split in two.
BIP91 seeks to address this problem by enabling SegWit2x and BIP148 to communicate. However, in order for BIP91 to be successful it must also … Read the rest
One of the most appealing aspects of Bitcoin is the ability to create it out of thin air via a process known as “mining”. While that’s a bit of an oversimplification (earning Bitcoin is more about contributing hardware than alchemy), mining remains an incentive for getting on board with Satoshi Nakamoto’s “magic internet money” – but is mining still a feasible activity for the average person almost a decade after Bitcoin first appeared?
Assuming that average person is somebody with an equally average computer, the answer is “no”, simply because the era when mining was profitable with … Read the rest
On the edge of a tiny Chinese town is a strange building where you can get an insight into the future – and only a handful of people know what is happening inside.
I am on my way to visit one of the biggest bitcoin mines in the world: where up to $8m in digital currency is generated per year by solving complicated mathematical algorithms with computers.
The location is secret and I have been invited under the strict condition that I live onsite with the miners. The owners don’t want to broadcast their specific location, because while the Chinese … Read the rest