Bitcoin 

Bitcoin Mining Difficulty Sees Biggest 2019 Drop as Hash Rate Spikes

Bitcoin (BTC) mining difficulty adjusted downwards more than at any time since its 2018 price low on Nov. 8, data shows.  As noted by entrepreneur and cryptocurrency commentator Alistair Milne on Monday, difficulty fell by around 7% after the network’s latest readjustment.  Difficulty reveals Bitcoin network maneuvering Mining difficulty refers to the effort required for miners to solve the equations necessary to validate transactions on the Bitcoin network. A higher difficulty implies competition for block rewards is higher, while drops incentivize more participation. The mechanism functions as a self-stabilizing device…

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Bitcoin 

Crypto Will Rain on Banks’ Low-Interest Rate Parade

A professor at Stanford Graduate School of Business says cryptocurrencies will put an end to the windfall that banks currently enjoy from low-interest deposits. In an Oct 24 interview for the university,  Dean Witter Distinguished Professor of Finance Darrell Duffies said that one way or another, cryptocurrencies are likely to upend banks’ business model within the next decade. Major disruption inevitable Professor Duffie said the public should not be misled by the relatively still-low levels of adoption of decentralized cryptocurrencies such as Bitcoin (BTC); nor should they take the pushback…

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Bitcoin 

Bitcoin Hash Rate Record Highs Shows Miners Are Long-Term Bullish

Bitcoin (BTC) continues to set new records for its network hash rate this month, a sign that miners have shaken off weak price performance. Hash rate hits all-time highs in October Data from monitoring resource Blockchain confirmed hash rate hit 114 quintillion hashes per second on Oct. 23.  Bitcoin network hash rate (12 months). Source: Blockchain This is the largest reading ever and echoed by others such as BitInfoCharts, which recorded an all-time high of just over 110 quintillion at the same time. Coin Dance numbers put the all-time high…

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Bitcoin 

$10M Mining Farm Fire Takes Blame as Bitcoin Hash Rate Wobbles

The Bitcoin (BTC) network experienced fresh turbulence on Sept. 30 while evidence emerged of a fire destroying $10 million worth of mining rigs. A video of alleged Bitcoin miner fire emerges According to Marshall Long, one of the first active Bitcoin miners, mining company Innosilicon’s giant data center began burning on Monday. Details remain sparse, but a video appeared showing the machines reportedly continuing to run despite being on fire.  Dovey Wan, a founding partner at crypto asset holding company Primitive Ventures, added that the total worth of equipment involved…

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Bitcoin 

What Crash? Bitcoin Hash Rate Doubles in 24 Hours Despite Price Drop

Bitcoin (BTC) has already dispelled myths its hash rate suffered a 40% drop this week, reaching new all-time highs just days afterwards. What hash crash? As data from monitoring resource Coin Dance confirms, after the hash rate metric dipped from 104 quintillion hashes per second (h/s) to 57 on Sept. 23, it immediately reversed. On Sept. 24, it doubled, reaching 114 quintillion h/s, just a touch away from the all-time highs of 121 quintillion h/s seen ten days previously.  As Cointelegraph reported, commentators initially appeared scared when hash rate dropped.…

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Bitcoin 

Clues to Explain Yesterday’s Bitcoin Hash Rate Flash Crash

The Bitcoin (BTC) network’s hash rate suffered a mysterious flash crash on Sept. 23, in a sudden intraday plummet from 98,000,000 TH/S to 57,700,000 TH/s. By press time, levels have recovered back to 92,800,295 TH/S— yet remain shy of their recent record of 102,848,135 on Sept. 18, as data from Blockchain.com reveals: Bitcoin network hash rate, Oct. ‘18-present. Source: blockchain.com Rhyme or reason? As reported, this sharp, sudden drop broke the network’s streak of new all-time high hash rates throughout summer 2019, sparking commentators’ speculation as to what could have…

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Bitcoin 

Bitcoin Network Hash Rate Mysteriously Flash Crashes by 40%

Bitcoin’s (BTC) network hash rate dipped a record 40% yesterday, Sept. 23, in a sudden shock for the network. Bitcoin network hash rate, Nov. 2018-present. Source: Coin.dance Data from Coin.dance — corroborated by other sources [insert links] — indicates that the network’s hash rate plummeted yesterday from over 166.6 PH/S to 57.7 PH/S.  Mystery flash crash remains unexplained The flash drop remains unexplained as of press time and is all the more striking given the Bitcoin network’s record-breaking string of new all-time high hash rates throughout summer. Just five days ago, Cointelegraph…

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Bitcoin 

Bitcoin Hash Rate Hits 102 Quintillion in Historic Network Milestone

Bitcoin’s (BTC) network hash rate has passed a record 102 quintillion hashes for the first time in history in a historic milestone for the cryptocurrency. Bitcoin adds another zero to hash rate As data from monitoring resource Blockchain confirmed on Sept. 18, hash rate, ultimately a function of how secure the Bitcoin network is, has reached a high of 102.8 quintillion hashes. Bitcoin network hash rate. Source: Blockchain The achievement follows a string of records for the metric this year, Cointelegraph reporting on various stages of its expansion over the…

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