Daily crypto: Markets show red numbers and bitcoin mining becomes easier

Daily crypto: Markets show red numbers and bitcoin mining becomes easier.

Image source: Shutterstock / Trijo News / Wikimedia Commons

Tim Haldorsson

tim.haldorsson@trijo.co

The total market cap for all cryptocurrencies has lost $6 billion. Also, the difficulty level for bitcoin mining, which is the computer power required for bitcoin mining, has fallen by 15 percent.

The crypto markets have fallen in value over the last 24 hours and most currencies show lower prices. At the time of writing, approximately 85 of the 100 biggest cryptocurrencies show red numbers.

The total market cap for all cryptocurrencies has decreased by $6 billion over the last 24 hours – from $130 billion yesterday to $124 billion today.

Bitcoin mining becomes easier

The difficulty level of bitcoin mining is normally adjusted every two weeks to maintain the normal ten minute long block time so that it takes about ten minutes for the bitcoin blockchain to be updated.

Now, the difficulty level is adjusted to make it 15 percent easier to mine bitcoin. This is the second biggest drop in how hard it is to mine bitcoin.

The fact that it becomes easier to mine bitcoin is in part due to that many bitcoin miners have chosen to turn off their mining machines. This is because it is no longer profitable for them with today’s bitcoin price, according to Shixing Mao, CEO of the Chinese mining pool F2pool, according to Cointelegraph.

Bitcoin cash loses the most

Looking at the biggest cryptocurrencies, all of them show declines in prices. Bitcoin cash (-6,79%) and stellar (-3,94%) have lost the most, but also ethereum (-2,59%), xrp (-2,19%) and bitcoin (-2,12%) have lost in value over the last day.

Bitcoin (-2,12%) is currently trading at about $3,926, a decline of around $100 from yesterday.

The cryptocurrencies on top 100 that performed the best during the last 24 hours were factom (+26,34%) and odem (+17,77%), and those who performed the worst were centrality (-20,34%) and mithril (-18,41%).

Asset: Price: % (24h)*
Bitcoin $3 926,31 -2,12%
Xrp $0,35236 -2,19%
Ethereum $110,23 -2,59%
Stellar $0,15006 -3,94%
Bitcoin cash $154,21 -6,79%

*All numbers in this article are from Coinmarketcap.com.

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