Strange phenomenon appearing on Bitcoin network, block time increased over 13 minutes

Bitcoin mining revenue hit an 18-month low in February

The processing speed of Bitcoin's blocks is getting slower in recent times. Over the past few days, the block time on the king's network has increased by more than 13 minutes.

Block time is slowing down the speed of the Bitcoin network. Although block time tends to remain stable, this is the first time that such increase has been recorded since the end of 2018.

Bitcoin's block time increases

The fact that block time increases slow down the processing speed of the Bitcoin network is considered an unusual phenomenon. However, recently the block time on this leading cryptocurrency network is constantly increasing. According to data from BitInfoCharts shows that such a sharp increase has not been recorded since November 2018.

According to BitInfoCharts
According to BitInfoCharts

The rising block time at the end of 2018 is attributed to the sharp decline in BTC prices during this period. By that time, Bitcoin had hit a historic bottom of more than $ 3,000 during the winter of the coin's decline. Therefore, the time the Bitcoin block spiked during this period may be related to the 50% drop on Thursday. However, the exact cause is still unknown.

Bitcoin hashrate drops, miners can go bankrupt

Higher block times are not the only unusual phenomenon on the Bitcoin network at the moment. As BeIncrypto reported, Bitcoin's hashrate has plummeted over the past few weeks. This month, the hashrate has dropped by about 40%. The drop in hashrate has been damaging to miners as mining profits have declined.

Bitcoin still maintained some positive momentum after the price slump last Thursday. In recent days, the price of BTC has maintained above $ 6,000. Particularly in yesterday (March 21), BTC once touched $ 7,000.

However, the real test for Bitcoin is still going on. With the coronavirus pandemic shaking the global markets, it is expected in the coming months to be the time for cryptocurrencies to shine.

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According to BeInCrypto
Recompiled ToiYeuBitcoin

Nguyen Diep

My name is Nguyen Manh Cuong. I was born in a poor village in Ba Vi district, HA NOI province - windy and sunny land. Currently

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