What went wrong when mining power dropped to 0 (mining power suddenly dropped)

What went wrong when mining power dropped to 0? Editor’s Note: This article comes from BlockBeats (ID: blockbeats), authored by 0x29, and authorized to be reproduced by Odaily Star Planet Daily.

In late November 2018, when the price of BTC was close to $20,000, the mining difficulty soared to 22,000 TH/S, reaching a new high. Bitcoin’s computing power has always been at a high level; however, with the rise in coin prices and the release of new products by ASIC chip manufacturers, BTC’s price has fallen by nearly 20%. According to recent research by Coindesk, the total market value of global cryptocurrencies has reached a peak of about $5 trillion in December last year.

However, for those who want to participate in mining, this is undoubtedly a worrying news. Some people say, “We all know that now is a key time for the bear-bull conversion… What went wrong when the mining difficulty is 0?” Some voices speculate, “This data is indeed a very significant data indicator.” Another view is that this is because there are a large number of digital assets “mining” in the current market. For example, the mining efficiency of Ethereum, Litecoin, and some other tokens is low, and most of these tokens are used for various illegal purposes. There is also a saying that “in this situation, it is easier for people to use their hardware for mining”, for example, the smart contract code on the Ant Blockchain in the Bitcoin network is an example-it can be placed in a server of a node that anyone can join for transaction verification process. However, some netizens also pointed out that due to the increase in mining difficulty, many people have doubts about the fluctuation of computing power, so they made such a judgment. “Zero computing power means that you only need to hold a pile of hard currency to make a lot of money,” and so on.

However, this theory does not seem to be well explained. In fact, the bull market in 2017 was mainly driven by retail investors. Therefore, many people are discussing whether to mine more Bitcoin. Of course, most people are just speculating to make money, and some people are not interested in investing in anything else. So is it a bad thing for mining power to be 0? In fact, if certain problems really occur, it may cause some unnecessary problems. First, has the computing power decreased? “I don’t know what the new algorithm is, but I will use different methods to predict future trends.” Second, how is the congestion situation of the Bitcoin network? When users run an application or software on their own computer and then try to connect it to another platform, they will face a state where it cannot operate normally. Although most people still choose to do this, “My computer is like an ordinary notebook computer, but you don’t need to worry about installing a machine.” Third, the use cases of Bitcoin are increasing. According to data from bitinfocharts.com, in the first quarter of 2019, there were approximately 1 million Bitcoin payments made to active account holders’ addresses.

Mining power suddenly dropped to 0

Just now, the Bitcoin mining difficulty suddenly dropped to 13T. According to data from the Cambridge Alternative Finance Center, the current global computing power of Bitcoin is 147.7EH/s, close to the historical low point (about 945,000 TH/S).

According to previous reports, on June 30th, BTC.com data showed that the current global blockchain hash rate is 80.76 GH/s. Calculated based on the per-second 27 exahash in early January 2018, the average daily block time for the Ethereum network is 10 minutes. With the price decline, after two days, the average block time of ETH has been reduced to about 15 minutes, dropping from 17 minutes to below 20 minutes.