Latest Bitcoin Network Difficulty Adjustment: Up ~19.58 Percent To New All Time High As Chicoms Push Out Local fiat/Bitcoin Trading Interfaces

Mining difficulty on the Bitcoin network skyrocketed nearly twenty  percentage points to 1103400932964.29248047 from 922724699725.96276855 to a new all time high.

While mining difficulty sits at an all time high, the price of Bitcoin reported by fiat/Bitcoin interfaces is sitting roughly twenty percent below the most recent all time high established near the beginning of this month. The United States dollar recovered a small bit of ground against Bitcoin when the racist government of the People's Republic of China decided to ban trading on their local fiat/Bitcoin interfaces. This move by the Chicoms was followed by the a constant stream of "Bitcoin is valueless" editorials in the legacy USian "financial" fake news press.

Bitcoin Network Mining Difficulty Up ~3.9% To New All Time High

The mining difficulty on the Bitcoin network has risen ~3.9 percent to 922724699725.96276855 from 888171856257.32055664 for a new all time high. This is ever so slightly above the previous all time high of 923233068448.90527344 set in the first difficulty adjustment following the schism of a Roger Ver-ified altcoin away from the Blockchain. The continued efforts propping up the Roger Ver-ified chain is proving to be a very expensive proposition for the involved fiat interests.

Bitcoin Network Mining Difficulty Drops ~3.8 Percent To Second Place Versus All Time High

At the latest Bitcoin network mining difficulty adjustment, difficulty fell approximately 3.8 percent from the all time high of 923233068448.90527344 to a new second highest all time value of 888171856257.32055664 today. Aside from typical variance, the possibility of some hashpower  inflicting woe upon a certain altcoin and heroically repatriating BTC value may have contributed to this small drop in difficulty.

Bitcoin Network Mining Diffficulty Up ~7.32% To Another All Time High In First Adjustment After Roger Ver-ified Fork

Mining difficulty on the Bitcoin network has increased from 860221984436.22229004 to 923233068448.90527344 for an increase of approximately 7.32 percent to a new all time high. In this adjustment period a hard forked altcoin separated from the Bitcoin network to zero meaningfully apparent impact on Bitcoin mining, a 7-ish percent increase of mining difficulty to a new all time high is a very typical . Meanwhile, the altcoin is wrestling with its own precarious difficulty situation.

Miners Signal Segwit Via BIP 91 "Lock In" Avoiding "User Activated" Fork

Miners on the Bitcoin network signaled that they would begin enforcing a new set of block acceptance rules concerning the handling of "anyone can spend" transactions, commonly referred to as "Segregated Witness". For users of the actual Bitcoin system and actual Bitcoin software, this news comes with the usual "soft fork" related increase in the risk of chainsplits and orphaned blocks. For users engaging in fringe behavior on the Bitcoin network and seeking to abuse the new "rules" surrounding the "anyone can spend" edge case, there exists incredible potential1 for "your loss".

This move by Bitcoin miners circumvents an effort advanced by assorted social engineers to attempt enforcing this new "anyone can spend" ruleset through a loud tantrum. It remains to be seen how large a pile of coins the brave and the duped are willing to amass under "anyone can spend" conditions in order to tempt miners to abandon this new "soft forked" ruleset.


  1. From Qntra, December 28th, 2015

    The chief idiocy in the Blockstream camp is that if miners decide to stop enforcing the "soft" forks that Blockstream needs, the miners are somehow on "invalid" chains. Soft fork enforcement is nothing more than a courtesy extended by miners. Should miners trigger activation of segregated witness, and a super majority of miners later decide to stop enforcing its rule set, Blockstream is out of luck. Luke-Jr's protests about the "valid" blockchain would be as impotent as his protests about the valid Pope. So long as the longest chain that wins verifies on the actual reference Bitcoin client, life goes on.

    There are hazards to artificially trying to introduce new levels of trust to a system that doesn't require it. Softforks that explicitly create an incentive for their own revocation create an extraordinary moral hazard

     

Bitcoin Network Difficulty Spiked ~13.53% This Week

This week a Bitcoin network difficulty adjustment took the mining difficulty from 708659466230.33203125 to 804525194568.13183594 for an increase of approximately 13.52 percent. This is an all time high mining difficulty, and it comes on the heel of last adjustment's ~0.43 percent drop to the the then second and now third highest mining difficult in the history of Bitcoin so far.