Bitcoin
Blocks times are slowing down on Bitcoin’s network. Although block times have a tendency to stay stable, this is the first such spike since late 2018.
Bitcoin’s Block Times Jump
Is Bitcoin’s network slowing down? Although an anomaly, there has been a consistent rise in block times on the leading cryptocurrency’s network. In data collected from BitInfoCharts, such a spike has not been seen since November 2018.
The spike in late 2018 can be attributed to the drastic decline in Bitcoin’s price around that time. If you can recall, Bitcoin found its bottom during the bearish winter that year. Therefore, the surge in block time this time around can be linked to the 50% decline last Thursday. The exact reason, however, is still unclear.
Bitcoin’s Hashrate on the Decline, Miners Going Bankrupt
Higher block times are not the only anomaly currently seen on the Bitcoin network. As BeInCrypto reported, Bitcoin’s hashrate has also plummeted in the past few weeks. This month, the hashrate has fallen some 40%. The drastic drop last week has also priced out many miners as mining profitability plummets.
Bitcoin has maintained some positive momentum after its price collapse last Thursday. At the time of writing, Bitcoin is trading for around $6,430 and is up some 8.50% on the daily. This rise has happened in spite of a global market rout that saw the S&P 500 and other major indexes drop substantially in the past week.
However, Bitcoin’s real test still awaits. With the coronavirus pandemic still rattling world markets, and expected to for months, this is ultimately the time for cryptocurrencies to shine. The blockchain industry has never experienced a recession, which now seems all but certain.
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