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After Spike, Bitcoin Mining Difficulty Reaches Fourth-Highest Level Ever

Plus, a new Bitcoin Knots update, a free wallet service from Casa and "Bitcoin Boomers" signing up with River Financial

Eliminate Capital Gains Taxes on Your Bitcoin Purchases and Sales On Wednesday, June 24, 2020 at 1:00 p.m. ET/10:00 a.m. PT, join Bitcoin Magazine and our special guests, licensed financial advisor Bruce Mack and retired attorney and PhD Dr. Gina Gaudio-Grace. On this profit-packed live stream, Bruce and Dr. Gina will teach Bitcoiners: How you can completely eliminate capital gains taxes on your bitcoin, legally! How to defer your tax liability on all of your passive income — including your bitcoin income — in perpetuity using a little known section of the Internal Revenue Code! How to protect your bitcoin and other assets from judgments, liens, levies, government seizures and even divorce! After Spike, Bitcoin Mining Difficulty Reaches Fourth-Highest Level Ever By Peter Chawaga On Tuesday, the Bitcoin network mining difficulty spiked by 14.95 percent, the largest such jump Bitcoin has seen since the beginning of 2018. According to data from BTC.com, the jump took place at block 635,040, reaching a difficulty of 15.78 trillion — its fourth-highest level in history. What Is Mining Difficulty?  Bitcoin mining difficulty is the measure of how hard it will be for miners to find a hash. By design, the Bitcoin network seeks to maintain consistent block times of 10 minutes. The mining difficulty is programmatically adjusted every 2,016 blocks (approximately every two weeks) so that it's as likely as possible that a miner will successfully add a block to the blockchain once every 10 minutes. Read more about mining fundamentals in our Bitcoin Mining Guide. The difficulty adjustment is based on how much hash power is active on the network — as more miners participate with more hash power, mining becomes more difficult so that this 10 minute interval is maintained. This recent spike in mining difficulty indicates that mining has become relatively competitive, despite the recent Halving and significant reduction in the subsidy that miners receive for their efforts. Why Did Mining Difficulty Spike? Significant mining difficult drops of 9.29 percent and then 6 percent in mid-May and early June, respectively, likely encouraged miners around the world to begin turning their machines back on after potentially shutting them off post-Halving. Simultaneously, new-gen mining hardware with better efficiency has been reportedly coming online in the last few weeks. (Side note: On Tuesday, BitMEX Research released a comprehensive report on the market share of the industry's leading ASIC manufacturers. Check it out.) If this higher difficulty is maintained in future adjustments, it may signal the end for some older hardware that was being effectively run up until this point. "[Large mining farms are] essentially getting ready for a replacement of the hardware. So they usually place their orders already and they're just waiting for the shipments," explained Jan Čapek, the co-founder of bitcoin mining firmware producer Braiins, during the Bitcoin Magazine BitcoinHalving.com live stream in May. "Once these miners are installed, then what could happen to you would ... [be] a rise in difficulty that would obsolete the old hardware even faster." Bitcoin News Roundup   New Bitcoin Knots Update On Wednesday, Bitcoin Core Developer Luke Dashjr announced the release of Bitcoin Knots version 0.20.0.knots20200614 via the bitcoin-dev mailing list. Bitcoin Knots is his Bitcoin Core fork, designed to offer more mempool and mining configurability to node operators and miners. The release includes new features, bug fixes and performance improvements. Read more about Bitcoin Knots here. Emphasizing User Friendliness With Sovereignty, Casa Launches Free Wallet On Monday, Bitcoin custody solution provider Casa launched a free wallet service aimed at new users. This app provides a retooled version of the basic wallet it offers its members, designed to be simple to use but without all of the premium services included in Casa's more advanced products. "We're excited about launching a free and simple bitcoin wallet that anyone can use," said Nick Neuman, Casa's CEO, in a statement shared with Bitcoin Magazine. "More people are turning to Bitcoin as a long-term investment, but they may not know how to store it safely… We want to offer this simple wallet for beginners for free, so they can start their Bitcoin journey safely." Read more about Casa's free wallet service here. With Rising Interest In Plan B Services, River Financial Raises $5.7 Million In a press release shared with Bitcoin Magazine, bitcoin-only financial services company River Financial announced significant growth in its clients and volume since its launch in late 2019. It also announced a funding round of $5.7 million.  It attributed this growth to the current inflationary economic climate and an influx of "Bitcoin Boomer" investors. Read more about River Financial's growth here. Copyright © 2020 BTC Media, All rights reserved. You are receiving this email because you opted in via our website. Our mailing address is: BTC Media 150 3rd Ave S Ste 1820 Nashville, TN 37201-2050 Add us to your address book Want to change how you receive these emails? You can update your preferences or unsubscribe from this list.

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