10% Difficulty Drop Brings Miners Back In The Game…
Up late and reading about Mark Cuban, bananas, and Bitcoin…seems that miners are back in the game after a Bitcoin network difficulty adjustment….Happy hodl’ing, everyone!
AFTER 10% DIFFICULTY DROP, BITCOIN MINERS ARE BACK IN THE GAME
‘Every 2016 blocks, which is normally around two weeks, there is an automatic adjustment to Bitcoin’s difficulty. The protocol tries to adjust the metric to ensure that blocks are mined approximately every 10 minutes, keeping network conditions “normal.”
On June 4th, the latest adjustment hit, resulting in a -9.29% difficulty adjustment — the seventh-largest move lower ever and the fourth negative adjustment since the start of the year.
Miners were quick to turn on machines, responding to the difficulty adjustment — effectively a short-term boost to their profitability.”