What impact does #比特币挖矿难度下降 have?

The main impacts are as follows:

1. For miners: lowers the mining threshold and increases short-term profits

- Cost reduction: Miners can more easily find eligible blocks using the same computing power (Hashrate).

- Profit increase: Miners' profitability will temporarily improve if the price of Bitcoin remains unchanged.

- Attract new miners/restart old mining machines: This will lead to a rebound in the overall network computing power in the short term.

2. For the Bitcoin network: may affect network security and decentralization

- Computing power fluctuations: As mentioned earlier, a decrease in difficulty may lead to a temporary decrease and then increase in overall network computing power (due to the restart of inefficient mining machines). If computing power does not effectively rebound, the decline in overall network computing power means that the overall security protection capability of the Bitcoin network will be weakened, theoretically increasing the risk of a 51% attack slightly.

- Decentralization: If mainly large mining pools benefit, it will further exacerbate the concentration of computing power, negatively impacting the degree of decentralization of the network. Conversely, if more small miners rejoin, it will help with decentralization.

3. For Bitcoin prices: signaling significance outweighs direct impact

- Market sentiment signal: The adjustment of mining difficulty lags behind changes in computing power. A decrease in difficulty itself may be interpreted by the market as a lagging “bearish” signal, reflecting the previous exit of miners and market sluggishness.

- Supply and demand relationship: A decrease in difficulty does not directly affect the total supply of Bitcoin, but it may indirectly affect the market by influencing miners' selling pressure.

4. Summary

- Short term: It is beneficial for miners, reducing mining costs and increasing profits. For the market, it is more of a lagging indicator reflecting past changes in computing power.

- Long term: Mining difficulty is a dynamically adjusted mechanism, its core purpose is to maintain the stability of Bitcoin's block time. A decrease in difficulty is a natural response to the reduction in computing power, helping to maintain normal network operation during bear markets and attracting miners to stay on the network, accumulating strength for future market recovery.

Overall, the decrease in Bitcoin mining difficulty is a self-regulating process of the market, and its impact mainly reflects the operational strategies of miners and market sentiment, with relatively limited direct impact on Bitcoin's long-term value and network security.