Bitcoin algorithm adjustment! Mining becomes more difficult for global miners: profits drop sharply

For Bitcoin, its output is fixed, which means that the more people mine, the greater the difficulty of mining, and the lower the income, and vice versa.

According to foreign media reports, as the global Bitcoin computing power is gradually returning to normal, the difficulty of Bitcoin mining has increased by about 7.3% in a new round of computing power adjustments.

According to the Bitcoin protocol, the current mining difficulty must be adjusted every 2016 blocks to keep the block time of each block at about 10 minutes. According to this calculation, the Bitcoin mining difficulty adjustment cycle is about 2016*10 minutes (14 days), that is, once every two weeks.

In an adjustment to the Bitcoin algorithm early Friday morning, the Bitcoin code automatically increased the difficulty of cracking a block by about 7.3%, which also means that the mining difficulty for miners around the world has increased and their profits have decreased accordingly.

Of course, the increase in the difficulty of Bitcoin mining is inevitable. In May of this year, my country began to crack down on Bitcoin mining, and a large number of mining machines were taken offline. Data shows that before May, our Bitcoin computing power accounted for about 54% of the global computing power.

With the reduction of 54% computing power in my country, the difficulty of mining has been reduced by 28% in a Bitcoin algorithm adjustment in July this year. It used to take 14-19 minutes to complete the mining of a block, but now it only takes about 10 minutes.

Judging from the adjustment of the Bitcoin algorithm this time, some of the mining machines that were previously in our country have been successfully withdrawn and put online again.

Jason Deane, an analyst at crypto consulting firm Quantum Economics, said that at present, the computing power of the entire Bitcoin network is still 42.1% lower than before Chinese miners went offline, and there are still a large number of mining machines withdrawn from China that have not yet been put online.