The latest data shows that although bitcoin prices have fallen by 15% in the past week, miners have not yielded.
According to the data site Coin Dance's estimate of bitcoin computing power, bitcoin mining participation is as high as before the price decline. Computational power is the computing power used to maintain a bitcoin network.
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Bitcoin computing power hit a new high
According to statistics, the calculation power on November 23 actually reached the highest level in history. Coin Dance's statistics show that the data on Saturday is almost the same as the data on October 10, reaching nearly 120,000 PH/S.
The trading price of Bitcoin on that day was about $7,200, and in October it was $8,600.
(Bitcoin computing power, source: Coin Dance )
Earlier, Cointelegraph reported that as bitcoin prices fell, more and more people thought Bitcoin miners were withdrawing. Statistician Willy Woo said that as of this week, the process has been basically completed.
Based on the latest data, entrepreneur Alistair Milne objected, saying that miners are actually not really concerned about current price movements.
“The miners didn’t surrender,” he said in a tweet on Sunday. He continued:
"They are keenly aware of the upcoming halving and are clearly not affected by the recent decline."
Bitcoin mining is less difficult
Milne also believes that the increase in the difficulty of bitcoin mining is also related to this. Until recently, the difficulty of bitcoin mining has been declining.
The difficulty of mining is used to measure the effort required to dig out bitcoin blocks, and this indicator is periodically adjusted to suit the mood of current miners. Earlier this month, the difficulty of mining showed the biggest drop this year, down 7 percentage points.
(Bitcoin mining difficulty, source: Blockchain )
Analyst PlanB believes that the current difficulty level also shows that people's confidence in mining profitability still exists.
"A 2% difficulty adjustment: no miners surrender," he wrote on Friday, adding that this generally indicates a price increase.
According to Crypto This's Real-Time Difficult Generator, the next adjustment on December 5 may be nearly 5% higher than the current level.
Unlike the difficulty of mining, it is difficult to estimate the calculation beyond the limited accuracy, so it should not be used as a clear guide to the level of miners' participation.
