Bitcoin’s mining difficulty has increased by approximately 4.25% while that of Ethereum’s increased by approximately 20% in a single day.
Bitcoin mining difficulty is a way to prevent mining of too many BTCs too fast. So, as the number of miners increase, the mining difficulty increase as well. As per the data obtained from Bitcoinwisdom, the current difficulty of Bitcoin is at 6,061,518,831,027, the block generation time for one block is at 9.5 minutes.
The current hash rate for Bitcoin is at 43.795 million Gh/s [Gigahash per second]. The chart below shows the relationship between mining difficult and hash rate.
Furthermore, the block halving for Bitcoin is in a year, i.e., on May 24, 2020, at 15:32:46. On that exact time, Bitcoin’s block rewards for all the miners would decrease from 12.5 BTC to 6.25 BTC.
Block halving for Bitcoin happens once every 210,000 blocks are mined on the Bitcoin blockchain.
Ethereum, the second largest cryptocurrency in the world by market cap [at the time of writing] has also seen a drastic increase in difficulty level in recent days.
Ethereum’s current difficulty [at the time of writing] was at 2,816,912,243,698,462. The chart below shows how ETH’s difficulty has varied over the 24-hour time frame.
Ethereum’s difficulty has increased by over 20% in a matter of seven days. However, the difficulty of ETH has increased by approximately 20% from 10 – 11 February.
More recent effects of the increase in difficulty of Ethereum’s mining was seen during the launch of Ethereum’s update, Constantinople. One of the reasons why the Constantinople update was postponed was due to an excessive and abnormal increase in mining difficulty.
A Redditor, u/jps commented:
“difficulty bomb creates a different equilibrium point because it is now adding about 1/2500 every block, and the adjust is in units of 1/1024, so there is a meaningful increase in difficulty, which needs to be offset by a meaningful number of blocks getting solved >18 seconds.
This basically means that difficulty will increase until average block solve time is just over 20 seconds.”
Another Redditor, u/cuongnq commented:
“Diffbomb is set to increase every 100k block. So we just passed 7200000. Block time increase to 20 seconds too. If hard fork not work in 7280000 we will see one or more of this shit.”
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US 2020 Presidential Candidate promises to provide better regulatory clarity on cryptocurrency market
Andrew Yang, the United States 2020 Democratic Presidential candidate, released a new policy for the regulation of the cryptocurrency space on April 20. The new policy statement titled ‘Crypto/ Digital Asset Regulation And Consumer Protection’, emphasized on the need for regulating the digital asset place, and also listed the actions Yang would do for the cryptocurrency market as the President.
Yang said on Twitter,
“New Policy #22 – Digital Asset/Cryptocurrency Regulation. Investment in cryptocurrencies and digital assets has far outpaced our regulatory frameworks. Investors need to know what their treatment will be in order to properly innovate in the U.S.”
On the official site, Yang stated that the cryptocurrencies “have quickly grown to represent a large amount of value and economic activity”. He further spoke about the lack of regulation of the cryptocurrency space, adding that the “patchwork of varying regulations” introduced by states has made it “difficult for the US cryptocurrency market” to compete with any other market, importantly China and Europe.
The Presidential Candidate further listed three key problems that needed to be solved, growth of cryptocurrency market being faster than that of the government’s response, differing regulations in different states, and uncertainty of the framework that would be unveiled.
Fang, a Twitter user, said,
“A candidate that is actually in touch with technology, blockchain and crypto. I missed the Bitcoin train but got in early on Ethereum mining: A significant % of my net worth is in crypto. So far I’ve done nothing but HODL. Our government has no idea what to do with digital asset”
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