Early Friday morning, the bitcoin code automatically made it about 7.3% more difficult to mine.
Every 2016 blocks, or about every two weeks, bitcoin resets how tough it is for miners to mine.
"There was no downtime whatsoever to the bitcoin network. That's actually the smartest part of the bitcoin software: the difficulty adjustment," said bitcoin mining engineer Brandon Arvanaghi. "Assuming your energy cost and hashrate remain unchanged, the calculation really is as simple as it first appears," said Deane.
"Most of these guys are unable to move to the U.S. because of capital restraints, because they don't speak any English and they've never left the Sichuan region in their whole lives...What they did instead was sell all their machines," explained De La Torre, vice president of Singapore-headquartered mining pool Poolin.But many of the ASICs coming online are straight off production lines from the biggest manufacturers on the planet, like Bitmain and Whatsminer.
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