IMPORTANT - do you want to transfer Bitcoin? Do it immediatley! Retarget incomingsteemCreated with Sketch.

in #bitcoin7 years ago

Hi guys! I am here to share an important update about bitcoin network.
Within 3 hours (probably less, 120- 150 minutes) bitcoin will retarget its difficulty.

What is difficulty? Is a parameter that determines how much work miners have to do to find a block.
So, basically, more difficulty --> Less block.
Difficulty is retarget every 2016 blocks, calculating last 2016 blocks speed, in order to keep network to approx. 6 blocks/hour.
In last days a lot of blocks were created, so difficulty will grow a lot. You can see here data from fork.lol

Today's retarget will trigger a +18% increase of difficulty. (see at https://fork.lol/pow/retarget)
So blocks will be created at only 82% of previous speed. This will be one of the biggest retargets in bitcoin history, and will also cause some hashrate to temporally migrate on BCH (maybe for only some hours - BCH retargets difficulty very faster - but this will maybe increase problems).

In next days we will probably see for bitcoin transations slow confirmations and higher fees. This will start in next hours.
In last hours bitcoin has created approx. 8 blocks/hour, so I suggest to transfer now before of retarget. You will pay less fees and will have very fast confirmation.

I hope those were useful info. Have a nice day, I hope you a fast transfer!

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Thank you for the information!

Consider that another difficulty retarget at 18-19 december will worse BTC network situation.
These weeks will be a very chaotic period https://fork.lol/pow/retarget

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