08-13-2021, 09:03 PM
Effects of China ban: Bitcoin network did not skip a single beat. Zero downtime. Bit
<!-- SC_OFF --><div class="md"><p>This spring, an entire country – which signified 54% of bitcoin's total hashrate – went offline, and bitcoin didn't miss a beat. </p> <p>"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.</p> <p>This feature of the bitcoin code is a critical part of its network architecture.</p> <p>"We have seen the bottom of the hashrate decline, and it is nothing but up from here," said Mike Colyer, CEO of digital currency company Foundry, which helped bring over $300 million of mining equipment into North America.</p> <p><a href="https://www.cnbc.com/2021/08/12/bitcoin-mining-becomes-more-difficult-as-algorithm-adjusts.html">Bitcoin difficulty back on the rise again</a></p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/KAX1107"> /u/KAX1107 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/p3lvji/effects_of_china_ban_bitcoin_network_did_not_skip/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/p3lvji/effects_of_china_ban_bitcoin_network_did_not_skip/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>This spring, an entire country – which signified 54% of bitcoin's total hashrate – went offline, and bitcoin didn't miss a beat. </p> <p>"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.</p> <p>This feature of the bitcoin code is a critical part of its network architecture.</p> <p>"We have seen the bottom of the hashrate decline, and it is nothing but up from here," said Mike Colyer, CEO of digital currency company Foundry, which helped bring over $300 million of mining equipment into North America.</p> <p><a href="https://www.cnbc.com/2021/08/12/bitcoin-mining-becomes-more-difficult-as-algorithm-adjusts.html">Bitcoin difficulty back on the rise again</a></p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/KAX1107"> /u/KAX1107 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/p3lvji/effects_of_china_ban_bitcoin_network_did_not_skip/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/p3lvji/effects_of_china_ban_bitcoin_network_did_not_skip/">[comments]</a></span>Kind Regards R