Hey guys I’ve been following the news about BTC’s hash rate falling, and there’s one thing in this article that I’m not sure I understand. Why does the author say there is relief next week? What is happening in the next week where this problem will be solved, or lessened?
Difficulty will adjust downward approximately 14%
OK so here’s where I don’t know the mechanics of bitcoin, but is this like a set thing, does the difficulty adjust on a given day or block level like the halving does?
Bitcoin difficulty adjusts every 2016 blocks or about every two weeks. The more hash on the network, the more difficulty needs to increase to prevent more than one block every ten minutes from being mined, the less hash… well you get it.
Yeah I get why it adjusts but I didn’t realize the connection between that and the over crowded mempool. I just thought there wasn’t enough hashrate, period.
Thanks for helping me out greer! Can you recommend some resources where you learn those kind of details?
https://lopp.net is a great resource.