{"id":103808,"date":"2020-11-03T12:09:17","date_gmt":"2020-11-03T09:09:17","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-just-had-its-biggest-mining-difficulty-drop-since-2011\/"},"modified":"2020-11-03T13:17:13","modified_gmt":"2020-11-03T10:17:13","slug":"bitcoin-just-had-its-biggest-mining-difficulty-drop-since-2011","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-just-had-its-biggest-mining-difficulty-drop-since-2011\/","title":{"rendered":"# Bitcoin just had its biggest mining difficulty drop since 2011"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a29ae6153589\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a29ae6153589\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-just-had-its-biggest-mining-difficulty-drop-since-2011\/#Difficulty_sheds_most_in_nine_years\" >Difficulty sheds most in nine years<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-just-had-its-biggest-mining-difficulty-drop-since-2011\/#BTC_price_unaffected\" >BTC price unaffected<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin just had its biggest mining difficulty drop since 2011 <\/strong>&#8221;<\/p>\n<div data-v-5a136f3a=\"\">\n<p>Bitcoin (BTC) saw its biggest negative difficulty adjustment in almost ten years on Nov. 3 as the network flawlessly takes care of itself.<\/p>\n<p>Data from monitoring resource <a href=\"https:\/\/btc.com\/stats\/diff\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">BTC.com<\/a> showed that Bitcoin difficulty automatically readjusted by 16% Tuesday.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Difficulty_sheds_most_in_nine_years\"><\/span>Difficulty sheds most in nine years<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Estimates had previously suggested that the adjustment would be around 13%, but in the event, it was the second highest in Bitcoin\u2019s history. Only in 2011 was there a larger difference \u2014 18%, also coming at the end of October.<\/p>\n<figure><img decoding=\"async\" title=\"\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/10145eaf-70fa-4d7e-8c12-a773598803dd.jpg\" alt=\"\" \/><figcaption style=\"text-align: center;\"><em>Bitcoin difficulty chart with latest drop highlighted. Source: Glassnode\/ <a href=\"https:\/\/twitter.com\/glassnode\/status\/1323546912990076934\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>Difficulty adjustments h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>en automatically every 2016 blocks, and allow Bitcoin to remain \u201chard\u201d money regardless of external factors impacting miners.<\/p>\n<p>Such a reduction should incentivize more mining participants to compete for block subsidy rewards, with the result that difficulty then begins to rise again.<\/p>\n<p>At press time, however, estimates put the next adjustment at another -16%, indicating that the effect of Tuesday\u2019s event had not yet been felt.<\/p>\n<p>For users, the downward adjustment will reduce fees and decrease block times, along with reducing the size of unmined transactions in Bitcoin\u2019s <a href=\"https:\/\/www.blockchain.com\/charts\/mempool-size\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">mempool<\/a>. According to estimates from <a href=\"https:\/\/bitcoinfees.earn.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Earn.com<\/a>, the optimal Bitcoin transaction fee remains high \u2014 80,000 satoshis ($11).<\/p>\n<figure><img decoding=\"async\" title=\"\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/2b7626dd-cea9-48fb-8c96-6c7a7d3256cf.png\" alt=\"\" \/><figcaption style=\"text-align: center;\"><em>Bitcoin mempool size 2-month chart. Source: Blockchain<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"BTC_price_unaffected\"><\/span>BTC price unaffected<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Reacting, commentators appeared little fazed, instead praising Satoshi Nakamoto\u2019s design for protecting network and funds integrity.<\/p>\n<p>\u201cThere is no more beautiful aspect of #Bitcoin than the difficulty adjustment. Just flat out gorgeous mechanism design,\u201d <a href=\"https:\/\/twitter.com\/Travis_Kling\/status\/1323450222207410176\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Travis Kling<\/a>, founder of asset manager Ikigai, summarized on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<p>Meanwhile, network hash rate appeared to be U-turning on its own descent Tuesday, with estimated weekly average values beginning to trend up.<\/p>\n<p>Hash rate provides a look into how much computing power is being dedicated to Bitcoin transaction validation. Weeks ago, the metric was at an all-time high, but lost around 25% in the second half of October.<\/p>\n<p>At publishing time, little impact was noticeable on Bitcoin price performance, with $13,000-$13,300 remaining as support and BTC\/USD hovering at $13,500.<\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-just-had-its-biggest-mining-difficulty-drop-since-2011\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin just had its biggest mining difficulty drop since 2011 &#8221; Bitcoin (BTC) saw its biggest negative difficulty adjustment in almost ten years on Nov. 3 as the network flawlessly takes care of itself. Data from monitoring resource BTC.com showed that Bitcoin difficulty automatically readjusted by 16% Tuesday. Difficulty sheds most in nine years&#8230;<\/p>\n","protected":false},"author":1,"featured_media":103809,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/792050ec-2370-4bc7-934f-b41b9492e754.jpg","fifu_image_alt":"# Bitcoin just had its biggest mining difficulty drop since 2011","footnotes":""},"categories":[1],"tags":[74862,74937,75042,73785],"class_list":["post-103808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-mining","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/103808","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=103808"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/103808\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/103809"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=103808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=103808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=103808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}