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Daily Bitcoin Block Generation Falls Below 100

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On Sunday, May 17, the Bitcoin blockchain generated only 95 blocks. Bitcoin analyst, digitalik.net, revealed this in a tweet, adding that the low number is a direct result of the Bitcoin halving which occurred on Monday, May 11. Digitalik.net also pointed out that in all of Bitcoin’s history, the network has recorded less than a hundred daily blocks only 8 times.

“Previous day had only 95 blocks. In [the] last 10 years we had only 8 days with less than 100 blocks.”

The data revealed that since the halving last week, daily generated BTC blocks fell from 162 on May 11 to 104 on May 14. On May 15 it rose slightly to 129 blocks but has continued to drop since then, and is now below 100. 

The halving has also significantly affected Bitcoin’s hash rate. Last week, the hash rate dropped by almost 30% falling from 137.5E on May 11 to 87.2E three days later. 

Digitalik.net explains that the two main factors in mining BTC are hash rate and Bitcoin difficulty. To maintain efficiency, Bitcoin’s difficulty is readjusted after every 2016 mined blocks so that the network maintains block production speed at 10 minutes per block.

Although the analyst is doubtful that mining speed will increase given BTC’s current price range, there is hope that the hash rate will increase once the price crosses $10,000.

Image Credits: Pixabay

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