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  • 2019-08-06
What affects the increasing complexity of mining and price fluctuations.

What affects the increasing complexity of mining and price fluctuations.

The complexity of mining has increased dramatically over the current year. At the beginning of July, it increased by more than 14% and amounted to 9.06 trillion (9.06 t) with the average hashing rate of 64.85 EH/s. These indexes were recorded as a new record for the network. Such increase in complexity was last recorded at the end of 2018. Then the complexity increased by 15% for the 2,016 interval blocks.

The complexity of mining has increased dramatically over the current year. At the beginning of July, it increased by more than 14% and amounted to 9.06 trillion (9.06 t) with the average hashing rate of 64.85 EH/s. These indexes were recorded as a new record for the network. Such increase in complexity was last recorded at the end of 2018. Then the complexity increased by 15% for the 2,016 interval blocks.

 

Since then, the complexity was at a much lower level of 5.95 t, and the hashing rate was on average at 42.59 EH/s.

 

At low levels of mining capacity, its complexity decreases. During the intensive work of the network, the complexity increases, being a kind of balancing mechanism.

 

It is expected that it will increase by another 10% to about 9.9 t on the background of the bull market at the next increase in complexity within a short period of time. The time of block creation for the last 2,106 periods of the block was only 8 minutes 46 seconds that is 10% lower than the required 10 minutes one.

 

All major cryptocurrencies are declining in price in the middle of the month due to reports that regulators continue to increase the pressure of on Facebook due to the Libra cryptocurrency.

 

USA SEC (Securities and Exchange Commission) may qualify Libra coin as an ETF (Exchange Traded Fund)

 

Also the Japanese digital exchange Japan announced the disappearance of 32 million dollars from its accounts.

 

Together, all these news led to the decrease of bitcoin rate by 6.7% - to 10395 dollars with a capitalization of 181.9 billion dollars.

 

The total capitalization of the crypto market reached the level of 276.5 billion dollars. According to financial experts, scandals around the Libra cryptocurrency will lead to a further decline in the rates of major digital assets. So, bitcoin price can decrease further.

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