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Why is the difficulty of Bitcoin mining adjusted (why does Bitcoin mining consume energy)

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Why is the difficulty of Bitcoin mining adjusted (why does Bitcoin mining consume energy)

Why is the difficulty of Bitcoin mining adjusted? Why is the difficulty of Bitcoin mining adjusted? According to data from BTC.com, the total revenue from Bitcoin mining has decreased by over 60% in the past year. However, at present, the market price of Cryptocurrency continues to fall, and the price of Bitcoin continues to rise (for example, the market value of Ethereum has exceeded 100 billion dollars) From this perspective, we can see that Bitcoin’s mining difficulties have undergone significant adjustments in recent times: a difficulty adjustment was made between May 13 and mid July 2020. At that time, the block rewards were 6.25 BCH, 12.5 ETH, and 25 ETC; There has been a difficulty increase since the end of 2017. However, over time, this change has not been resolved Now, according to the current market trend, although the price of Bitcoin has fallen, it is not so much a ‘bull bear conversion’ as a result of significant fluctuations in coin prices. On the other hand, if Bitcoin prices continue to plummet below $3000 (meaning the next target is $30000- $40000), then it is undoubtedly good news compared to the Bitcoin network So, in order to attract more people to participate in mining, the difficulty of mining will also be adjusted, and there are also some reasons why it can achieve this effect. This is also one of the reasons why people are increasingly looking at Bitcoin – that is, miners can improve their mining efficiency with lower costs. Miners believe that the current market is like this, as miners have to reduce their computing power and slow down the growth rate of computing power. “Adjusting the difficulty of mining is also a big deal for mining machine producers.”

Why does Bitcoin mining consume energy

According to Bitcoin, how high is Bitcoin’s mining energy consumption? Why use such high electricity According to a recent report released by the University of Cambridge, “Bitcoin mining consumes approximately 300 terawatt hours of energy. If we take this data as an example to understand, then the computational load is equivalent to the percentage of electricity consumed in the entire network. Therefore, it requires a large amount of energy to ensure the stable operation of the system. When we consider the scalability of blockchain, we will discover some issues

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