06-20-2021, 04:44 PM
Bitcoin stood the test yesterday (again)
<!-- SC_OFF --><div class="md"><p>Yesterday Bitcoin went 1 hour and 11 minutes without producing a new block. Did you guys notice it/read about it? Some of the veterans in crypto space will probably remember this happen before in the past. </p> <p>As we are all aware, China is cracking down on mining farms. The farm in Sichuan was expected to have a big % of the global hashrate. You can imagine that shutting down large players like this was going to leave the blockchain in a very difficult and uncertain position.</p> <p>Congestion is a major issue when this kind of problem arises and because of the reduced hashrate and the same untouched difficulty and volume it takes much longer time for the farms to validate transactions. Subsequently the fees are increasing trying to combat this while raw power needed for guessing the solution to Satoshi's problem is reduced. </p> <p>Difficulty is beign adjusted every 2 weeks approximately as per Satoshi's code to preserve average block time of 10 minutes. Well despite that, fortunately, after that one hour a new block was produced and after that operation resumed like always. </p> <p>Bitcoin once again passed the test. It shows you how resilient a decentralized chain like Bitcoin is and why its here to stay for a long time.</p> <p>TLDR: not even the CCP can stop us.</p> <p>Adapt and overcome!</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/ms0000000"> /u/ms0000000 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/o40ryi/bitcoin_stood_the_test_yesterday_again/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/o40ryi/bitcoin_stood_the_test_yesterday_again/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>Yesterday Bitcoin went 1 hour and 11 minutes without producing a new block. Did you guys notice it/read about it? Some of the veterans in crypto space will probably remember this happen before in the past. </p> <p>As we are all aware, China is cracking down on mining farms. The farm in Sichuan was expected to have a big % of the global hashrate. You can imagine that shutting down large players like this was going to leave the blockchain in a very difficult and uncertain position.</p> <p>Congestion is a major issue when this kind of problem arises and because of the reduced hashrate and the same untouched difficulty and volume it takes much longer time for the farms to validate transactions. Subsequently the fees are increasing trying to combat this while raw power needed for guessing the solution to Satoshi's problem is reduced. </p> <p>Difficulty is beign adjusted every 2 weeks approximately as per Satoshi's code to preserve average block time of 10 minutes. Well despite that, fortunately, after that one hour a new block was produced and after that operation resumed like always. </p> <p>Bitcoin once again passed the test. It shows you how resilient a decentralized chain like Bitcoin is and why its here to stay for a long time.</p> <p>TLDR: not even the CCP can stop us.</p> <p>Adapt and overcome!</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/ms0000000"> /u/ms0000000 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/o40ryi/bitcoin_stood_the_test_yesterday_again/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/o40ryi/bitcoin_stood_the_test_yesterday_again/">[comments]</a></span>Kind Regards R