What post halving slump?

Just two months after bitcoin underwent its most recent block reward halving, both its network hashrate and its difficulty levels are at new all time highs.

That was fast!

Many out there had anticipated that without a surge in the price of BTC post halving, there could be a death spiral as miners are forced to sell more and more of their coins at a loss as the price drops faster than the self correcting mechanism can correct.

Well, with both hashrate and difficulty levels at all time highs again only 2 months post halving, I guess we can throw those fears out the window.

Today, the difficulty level on bitcoin adjusted upwards by 9.89% bringing the level to 17.3 trillion, which was a new all time high:

(Source: https://www.blockchain.com/charts/difficulty#:~:text=The%20difficulty%20is%20a%20measure,network%20more%20secure%20against%20attacks.)

This is significance in that it is showing that the overall network is very strong. When the difficulty level is adjusting upwards like it is, it means new computing resources are being added to the bitcoin network.

This latest difficulty adjustment comes on the heals of all time highs in hashrate.

Which is exactly what you would expect to see...

When the hashrate goes up, which is a measure of the total computational resources mining bitcoin, the difficulty level will likely have to adjust in order to keep producing blocks roughly every 10 minutes.

When the hashrate goes up, blocks are produced slightly faster and thus the need to increase the difficulty level.

(Source: https://cointelegraph.com/news/bitcoin-hash-rate-hits-record-average-high-defying-btc-price-bears)

The amazing thing in all of this is that we are barely 2 months removed from bitcoin's 3rd ever halving event, an event which saw mining revenue cut in half, and here we are already back at new highs in terms of hashrate and difficulty levels.

All in all, the price hasn't moved much as of late, but based on the above data, the bitcoin network is currently more robust and more secure than it has ever been in its entire history.

People love to talk about about what bitcoin has to do or needs to do in order to "make it", but in my opinion, all it really needs to do is just keep doing exactly what it has been doing all along.

Just keep growing and becoming more robust and more secure, and over time, it wins.

It simply has to "keep on keepin' on", as Joe Dirt would say...

(Source: http://www.quickmeme.com/meme/3qvts9)

Stay informed my friends.

-Doc

Posted Using LeoFinance