Bitcoin saw a 6% negative mining difficulty adjustment this week, which ensures that the cryptocurrency will continue mining blocks every ten minutes.
This indicates that the cryptocurrency is rapidly seeing a reduction in the number of miners vying to validate transactions, suggesting that the implications of the recent mining rewards halving event are starting to take ahold of the cryptocurrency.
The latest mining difficulty adjustment has come about concurrently with a significant decline in the benchmark cryptocurrency’s hash rate, which has continued sliding lower in the weeks since the mining rewards halving occurred.
It is important to note, however, that Bitcoin was able to avoid the “miner-death-spiral” that some analysts had predicted it would see.
Bitcoin Sees Sliding Hash Rate as Smaller Miners Shut Their Rigs Off
Bitcoin’s hash rate has declined quite significantly in recent times.
While looking towards the below chart, the hash rate reached fresh all-time highs just before the block rewards halving took place earlier this month.
This was likely the result of miners upgrading their equipment in an effort to combat the reduced profitability…
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Author: Cole Petersen