Harsh BTC Adjustment after the Great EventJudy Rubio
Experts predict that it might last for long to bring stability. They do hope that the BTC system and its network would be ready to illustrate visible growth.
The great event is over, but the BTC’s world has just faced a new difficulty adjustment, which has fallen to fifteen point fourteen trillion. That’s a decrease of six percent and the market believes some have managed to survive the change.
Reshape and Visible Fall
BTC hash rate may have also faced a great decline after the event. We do not dare deny the obvious fact showing that the customers cannot do observation in a direct way. They simply calculate it taking into consideration the time and compare it to the level. Their analysis illustrates that the system has suffered a decline. Lately it was five hundred and sixty seconds per one thousand blocks and fell to almost seven hundred and eighty-nine seconds after the event. We see a twenty-percent increase. Our data show a twenty-percent rate that kept disappearing throughout the same period.
The average has been about seven hundred and six seconds till now. This proves that the system is rebalancing itself. More than that, that was a way in which it was trying to get rid of the miners who cannot boast vast experience hence they are rather inefficient.
Revenue received from fees had a rise to approximately fifteen percent while before the event it was four percent. The trend experienced a two-hundred-percent raise right a few weeks ago because the block reward was split into half. Then it gradually rose to a greater level of about thirty percent. This occurred due to the fees. Their average per transaction was higher. The average amount of transactions per block was stable.
Nowadays users pay bigger fees. This is how they make up for the slower block generation. Stabilization may last longer and miner revenue from fees will soon reflect the expected growth of the BTC network.
Predictions of Further Decrease of Hash Rate
Experts believe that the current hash rate will keep dropping. In the midterm, though, it will increase. The current time is longer and exceeds 600 seconds. In the Chinese press it is reported that the flows are twenty percent lower. This happens due to the wet season in the country. As a result, the demand for power supply will be greater in the midterm.
Miners residing in China will get more opportunities and they will be able to fully benefit from lower power costs. Naturally, heavy rains will decrease the pieces for electricity.
Sichuan province is likely to become the first area to take advantage. They will push the rate and make it higher. They are planning it for the time when the wet season approaches. Analysts predict a steady shut off of users. This includes all machines of older generations. Also, the same might apply to miners with much higher costs. Many miners were ready for the rain before the event. Very soon, the region expects to see an increase of users from other territories and provinces. They will do it to take advantage of the decreased power prices. The Sichuan region will soon see a greater number of people willing to benefit from the seasonal change in the coming months.
We should remind you that the Chinese court located in Shanghai has decided that BTC is an asset protected by the local law. After a few years, the authorities have finally ruled that the cryptocurrency should be protected. The system has faced a case of theft. It involved two types of cryptocurrency. One of them was BTC, which was stolen from an American citizen. The argument involved those who did not want to recognize BTC and its legal status. However, the court supported the other side.
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