Bitcoin sees 3rd highest difficulty adjustment in last 2 years

in GEMS2 months ago

What death spiral?

Today bitcoin saw an adjustment to its mining difficulty levels, something that happens roughly every two weeks.

This time the adjustment was an 11.3% percent adjustment to the upside.

That number may or may not mean much to you on first glance, but this adjustment was the 3rd largest adjustment to the upside in the past two years...

Check it out:

image.png

(Source: https://twitter.com/glassnode/status/1307594854508232706/photo/1)

Oh, and this adjustment took the difficulty levels to new all time highs as well.

Death spiral was all FUD...

Rewind the clock back to May of this year and there was a lot of fear uncertainty and doubt being spread around regarding what might happen after the halving.

There was one rather vocal camp that seemed to think that not only would the halving not be good for the price of bitcoin, but it would likely be the start of a miner death spiral.

Where we see hash rates declining, mining difficulty dropping, and the price falling.

They were dead wrong.

Not only did bitcoin see the 3rd highest difficulty adjustment in the last 2 years, but this also puts the difficulty levels significantly higher than where it was at the time of the halving.

The difficulty level is now 19.9% higher than it was at the time of the halving...

Check it out:

image.png

(Source: https://twitter.com/n3ocortex/status/1307659083592470528/photo/1)

Oops...

So much for a miner death spiral.

Not only did we not see one, but the network is more robust and more secure than at any point prior.

The bitcoin network just keeps getting stronger and more robust as time goes on, irregardless of the halving events.

It just keeps working exactly as it was designed to.

Stay informed my friends.

-Doc

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