The complexity of bitcoin mining continues to grow. At the last recalculation, it grew by 6.8% and reached 16,552,923,967,337 with a hashrate of 121.6 eh/s.
Tonight, the complexity of mining has increased by almost 7%. The next change in the difficulty level is expected on March 21. Despite the coronavirus epidemic, the course correction and the approaching halving of the reward, miners continue to increase capacity. Today’s growth in complexity is far from the records of previous years, but against the background of a General decline, it inspires optimism.
The difficulty level of Bitcoin mining changes approximately every two weeks-every 2,016 blocks. As more and more miners increase the hashrate of the network, the complexity of PoW increases, making it difficult to get rewards for blocks. If suddenly the miners stop working EN masse, the complexity will decrease to maintain balance.
The higher the complexity of mining, the more difficult it is to attack the network. According to recent data from the analytical company Messari, the cost of a successful 51% attack on the Bitcoin blockchain is more than $21 million per day. For comparison, a similar attack on the Ethereum network costs about $2.7 million.
The current increase in mining complexity is caused primarily by the approaching halving of the block reward, which is two months away. Now both new models of miners and old equipment are working, from which they are trying to squeeze the “last juices”, since after halving in may, it (without a rise in the price of BTC) will become unprofitable. After the reward is halved, a sharp drop in complexity is likely, which will be gradually compensated by the commissioning of new batches of the most energy-efficient ASIC miners.
Recall that the last serious drop in mining complexity occurred in November last year. Then the complexity of mining bitcoin for a single conversion fell by 7%, and this decrease was the largest in 2019. Previously, a similar drop occurred in December 2018.