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@ Dave Smith
2023-05-01 16:27:35Since July 2021 the delays in getting ASIC hardware and access to hosting facilities in the US for the miners relocating after the China ban have eased and as more and more mining hardware has come online, hashrate is at an all time high. As usual the bitcoin network worked perfectly and every 2016 blocks (about 2 weeks) the difficulty adjustment increased the difficulty to keep pace with the hashrate and kept blocks coming in every 10 minutes. There were no signs of this rising trend slowing down, until now. Over the past month hashrate seems to have plateaued and you guessed it, so has the difficulty. I do love how bitcoin works, it's a beautiful thing.
Hashprice
https://nostr.build/i/nostr.build_2f0be25f5530630166d9280dba7ddd0fa6748df8e138893bb03b4f5cb4fd6eef.jpg Hashprice remains low and with energy costs high in many parts of the world it is still a challenge for many miners to cover their costs. The recent increase in bitcoin price has improved things but they are not out of the woods yet. As interest rates and the cost of capital increases there be more miners going under in the coming months, unless we see the price of bitcoin rising substantially.
Mempool is still full
https://nostr.build/i/nostr.build_9fba92b5c9727262d980206e0fbc0ea0b606f28b7a8843efc9d56d3d36df9b26.jpg Something that is helping the miners by keeping the transaction fees high is how popular Ordinals and inscriptions are. I can't say I understand why people like and part with their sats for these but it's keeping blocks full and that is good for the miners and the bitcoin network to I'm ok with it.