BTC Network Hashrate, Difficulty, Transaction Fee and the Price!
As you know the hashrate of BTC network dropped significantly (50%) in recent days (started 16 April) because of stories you may heard from China.
If you are familiar with BTC mining, the network difficulty is set to a value such that the mining process of a block take about 10 min.
So the more the hashrate the more difficulty, but there is something maybe wrong here! the difficulty adjusts every two weeks! I say 'wrong' because this two week adjustments is too long and does not account for sudden accidents like what happened in China.
So since the last adjustment which has been surprisingly on 16 April! the difficulty will not adjusted (decreased) till two weeks later and if the mining hashrate (China miners) does not recover soon, we will have a hard time in network resulting large transaction fees.
The transaction fees is the parameter may affect the price of bitcoin directly. see the chart.
https://bitinfocharts.com/comparison/bitcoin-transactionfees.html
The transaction fees are now as high as 2017 ATH.
Will this power blackout become a trigger for BTC bearish market or not?!
If you are familiar with BTC mining, the network difficulty is set to a value such that the mining process of a block take about 10 min.
So the more the hashrate the more difficulty, but there is something maybe wrong here! the difficulty adjusts every two weeks! I say 'wrong' because this two week adjustments is too long and does not account for sudden accidents like what happened in China.
So since the last adjustment which has been surprisingly on 16 April! the difficulty will not adjusted (decreased) till two weeks later and if the mining hashrate (China miners) does not recover soon, we will have a hard time in network resulting large transaction fees.
The transaction fees is the parameter may affect the price of bitcoin directly. see the chart.
https://bitinfocharts.com/comparison/bitcoin-transactionfees.html
The transaction fees are now as high as 2017 ATH.
Will this power blackout become a trigger for BTC bearish market or not?!