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Bitcoin experienced its second historic difficulty drop

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Bitcoin experienced its second historic difficulty drop

Bitcoin experienced its second historic difficulty drop
CONTENT

  • Bitcoin network records second largest difficulty drop since 2011

  • Drawdown may be related to reduced network load in China

  • Together with bitcoin, trading volumes on decentralized platforms are also dropping

International consortium of news organizations developing transparency standards.

The difficulty of mining the bitcoin cryptocurrency plummets, showing the largest percentage drop in the last nine years

The bitcoin blockchain network recorded the second largest drop in cryptocurrency mining difficulty. According to the analytical resource Glassnode, on November 3, the difficulty of mining bitcoin collapsed immediately by 16%. This is the largest percentage drop since October 2011, when difficulty dipped 18%.

Bitcoin experienced its second historic difficulty drop

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Source: twitter.com

The reduction in complexity is believed to be a result of a drop in the overall computing load on the network over the past two weeks, as many Chinese mining centers in China have been forced to shut down capacity due to local government orders..

As a reminder, since late August, cryptocurrency miners in the Inner Mongolia region, China, no longer receive preferential electricity prices. Although no official reason for the elimination of subsidized prices has been made public, local Weixin believes the decision is due to a lack of benefits for local authorities..

Moderate drawdown

Along with the fall in the difficulty of Bitcoin mining, another collapse was recorded, but already on the market of decentralized exchanges (DEX).

Source: twitter.com

In October, trading volumes on DEX-sites sank 27% from the September record, Dune Analytics writes. However, volumes are still high compared to summer 2020. The largest in terms of trading volume remains the Uniswap cryptocurrency exchange protocol, where daily indicators at the time of writing exceed $ 237 million.

Learn how to trade in the cryptocurrency market with BeInCrypto partner – the StormGain cryptocurrency exchange

Bitcoin experienced its second historic difficulty drop

It is noteworthy that the Uniswap protocol was able to stay in the lead even despite the large number of clone forks. Earlier, the editors of BeInCrypto wrote that not a single Uniswap fork was able to secure its leadership in the market in the long term..

What is the reason for such a success of Uniswap – read in a special material from BeInCrypto.

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