Bitcoin mining difficulty hits all-time high

Macroeconomics and financial markets

In the US NY stock market on the 30th, the Dow Jones Industrial Average fell 50 dollars (0.15%) from the previous day, and the Nasdaq Index closed at 41.7 points (0.32%) higher.

connection:AI/virtual currency mining-related stocks soar NVIDIA reaches $1 trillion in market capitalization | 31st Financial Tankan

connection:Stock investment recommended for cryptocurrency investors, representative cryptocurrency stocks of Japan and the United States “10 selections”

Virtual currency market

In the crypto asset (virtual currency) market, Bitcoin fell 0.71% from the previous day to $27,638.

BTC/USD daily

U.S. President Biden and House Speaker McCarthy reached a basic agreement on the “debt ceiling issue”, and although the market is almost pricing in the avoidance of the U.S. default (debt default), there are uncertainties about the approval and passage of related bills in the U.S. Congress. Risk-taking is limited because it is left.

Currently, the first barrier (①), the 50-day moving average, and the resistance line of the descending channel are stalled. If it breaks above the $30,000 resistance zone (②), it will challenge again.

Minor competition intensifies

While the price of BTC continues to be indecisive, the mining situation that supports the robustness of the Bitcoin network is extremely strong.

It turns out that the Bitcoin mining difficulty is expected to renew the “record high” following the previous time. The next adjustment is scheduled to take place around 4:00 on June 1 (around 19:00 on May 31 UTC), and is expected to increase by 50.99 T (+2.92%) from 49.55 T compared to the previous adjustment.

coinwarz.com

The mining difficulty level is adjusted approximately once every two weeks, and the time required to mine one block is approximately 10 minutes, depending on the increase or decrease in the hash rate (mining speed), which is the computing power on the network. automatically adjusted.

With the increase in hash rate (mining speed), the current average block time is about 9.73 minutes, ahead of the current average block time. Competition is intensifying.

A surge of activity on the Bitcoin blockchain related to the Ordinals protocol and BRC-20 token demand is also believed to have brought in a huge amount of extra income.

connection:What is BRC-20?Possibilities and Challenges of Bitcoin Token Standard

With the popularity of AI (artificial intelligence) such as ChatGPT, US semiconductor giant Nvidia, which is rapidly expanding its business, is developing a dedicated mining chip “Cryptocurrency Mining Processors”. The prosperity of such semiconductor companies is expected to contribute to further improvements in the performance of mining facilities.

Another tailwind is that US President Biden’s plan to increase taxes on miners operating in the US was avoided in the basic agreement on the debt ceiling issue.

connection:Good news for the cryptocurrency industry with the US debt ceiling agreement, mining tax hike proposed postponed

The mining reward for miners after the next “halving” will literally be halved from the current 6.25 BTC to 3.125 BTC. Market supply (selling pressure) will also decrease, but on the other hand, the break-even point for miners will become even more severe, and weak miners will be weeded out.

connection:Countdown to the next Bitcoin half-life less than a year away, market trends and expert predictions?

alto market

As for individual stocks, Optimism (OP), a Layer 2 solution for Ethereum (ETH), and the high-speed L1 blockchain Sui Network (SUI) will be unlocking tokens for developers and early-stage investors.

A lockup is a regulation that systemizes holdings for a certain period of time so that initial investors such as founders and venture capitals (VCs) do not sell a large amount of shares immediately after the IPO (initial public offering) and destroy the market. About.

Similarly, in the cryptocurrency market, there is a mechanism to restrict the remittance and sale of owned tokens within a certain period of time, which can maintain the stability of the project and the token value.

OP, which will be unlocked on the 31st of US time, is 3.65% lower than the previous week, and SUI, which will be unlocked on June 3rd, is 6% lower than the previous day.

Optimism (OP) currently has 67% of its total supply locked, with $255 million worth (3.6% of supply) unlocked in the first phase. A total of 4.7 billion tokens will be unlocked sequentially by August 2016, and is expected to be diluted up to 2 times.

detail:Large token unlock Optimism and Sui Network distribution volume expected to increase rapidly

[Recruitment]Recruitment of new personnel due to Web3 business expansion

Japan’s largest cryptocurrency media CoinPost is looking for full-time employees and interns as it expands its Web3 business.

1. Media Business (Editorial Department)
2. Marketing operations
3. Conference management and launch work
4. Open Position (students welcome)

Details https://t.co/UsJp3v8mSH pic.twitter.com/B98JZmoQbW

— CoinPost-virtual currency information site-[app delivery](@coin_post) February 14, 2023

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