Ghs bitcoin meaning bitcoin daily transactions

This means that once there have been 64 halvings, there should be no further nSubsidy released. Howdy, Welcome to the popular cryptocurrency blog CoinSutra. The table below features a breakdown of the energy consumption of the mining facilities surveyed by Hileman and Rauchs. Pays out the maximum amount possible from rewards earned, though capped to avoid the pool going bankrupt. For further reading: Upgrade your If you had a couple computers Bitcoin forex tester full version download mining bitcoin processor power chart rig password cracking. More energy efficient algorithms, like proof-of-stake, have been in development over recent years. The difficulty level crossed the 40,, mark late last month, peaking after several consecutive quarters of rapid growth. How is the Block Reward Determined? The amount of new bitcoin released with each mined block is called the "block reward. Eventually, these transactions fees will become larger and will help make up for the decreasing block reward. A simple bottom-up approach can now be applied to verify that this indeed happened. As progressed, the total network hashrate continued to climb from around 25 exahashes per second at the time of the prediction March 16,to a peak of This adds an incentive for nodes to support the network, and provides a hack bitcoin wallet exodus best bitcoin client for windows to initially distribute coins into circulation, since there is no central authority to issue. The paper also predicted that this level would be reached towards the end of In this situation machines are removed from rather than added to the network. But as the coinbase setup paypal bitcoins atm nyc of participants increased and the total power of the network grew, those Sonm on poloniex wallet for minergate generated fewer and eventually no new coins. First, when computers solve ghs bitcoin meaning bitcoin daily transactions complex math problems on the bitcoin network, they produce new bitcoin, not unlike when a mining operation extracts gold from the ground. Bitcoin Stack Exchange.

How Bitcoin Works in 5 Minutes (Technical)

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Bitcoin mining difficulty has decreased for the first time in two years. Like the Federal Reserve, Visa, and Mastercard, bitcoin miners record transactions and check their accuracy. But as the number of participants increased and the total power of the network grew, those CPUs generated fewer and eventually no new coins. A mining pool allows bitcoin block rewards to be shared out over a large group of miners, rather than each one competing individually. Subscribe to Blog via Email Enter your email address to subscribe to this blog and receive notifications of new posts by email. You will find me reading about cryptonomics and eating if I am not doing anything else. Countdowns like Bitcoin Block Half and Bitcoin Clock can be used to guess future block halving dates. Between 1 in 6 trillion odds, scaling difficulty levels, and the massive network of users verifying transactions, one block of transactions is verified roughly every 10 minutes. You have really enlightened me on cryptocurrency by using relatively simple explanation. Few miners can afford to hold freshly mined coins for long, hence they are usually sold at market price, even if this means the operators incurs a small loss. It should therefore be clear that a bottom-up approach, that properly includes these required corrections, would be highly unlikely to find an energy consumption below 72 TWh per year and certainly not significantly lower at the start of Q4 In proof-of-stake coin owners create blocks rather than miners, thus not requiring power hungry machines that produce as many hashes per second as possible. These chips, called ASICs application-specific integrated circuits and the machines that housed them were expensive, but gave their users a massive hashing advantage. The bitcoin processor power chart larger the pool, the more regular returns can be expected. If the numbers were identical, the clerk would know the money had been duplicated. The entire Bitcoin network now consumes more energy than a number of countries, based on a report published by the International Energy Agency. The block reward creates an incentive for miners to add hash power to the network.

Never miss a story from Kaiko Datawhen you sign up for Medium. Even so, the overall trend appears to be little change in the localization of miners. At the time of writing this is 42GB of data and is always increasing. Init was In their second study, Rauchs et al. I enjoy reading your articles but could you do some reviews about cloud mining and how to buy a mining contract in detail? At this rate of halving, the how to mine bitcoin with raspberry pi 3 winklevoss bitcoin share number of bitcoin in circulation will approach a limit of 21 million, making the currency more scarce and valuable over time but also more costly for miners to produce. Applying this as a correction factor to the 49 TWh mentioned before, we find that the Bitcoin network must have been consuming at least 61 TWh. Product Updates Academic Research Featured www. For context, that is 1. The chosen assumptions have been chosen in such a way that they can be considered to be both intuitive and conservative, based on information of actual mining operations.

Bitcoin price live

The bitcoin network assesses the total hashing power available and adjusts difficulty every 2, blocks, or around once every two weeks. In their second study, Rauchs et al. Never miss a story from Kaiko Data , when you sign up for Medium. Given this limit, we have expected difficulty would slow down in the short term or even go backwards as we have seen. They all race to find the correct answer to a complex mathematical problem, devoting vast amounts of time and computing power to the task. Users built purpose-built mining rigs using graphics cards or GPUs better suited for the repetitive hashing process. Unocoin price chart So de Vries calculated how much electricity bitcoin miners would have to consume for bitcoin mining to no longer be profitable. Share via. The Bitcoin block reward refers to the new bitcoins distributed by the network to miners for each successfully solved block. A PPS system which pays out according to the difficulty of work performed for the pool by a miner, rather than the pool itself. Litecoin Mining Litecoin mining is the processing of a block of transactions into the Litecoin blockchain. The entire Bitcoin network now consumes more energy than a number of countries, based on a report published by the International Energy Agency. Cancel Delete. Bitcoin mining is a capital-intensive industry with very fast turnover. Nagivate How to invest in Bitcoin Write for us Cryptocurrency exchange.

The bitcoin and blockchain: Compare Popular Online Brokers. For context, that is 1. Esta web utiliza cookies para mejorar su experiencia navegando. When the number hits , the coinbase enables litecoin gemini bitcoin wallet halving event takes place. Coins have to get initially distributed somehow, and a constant rate seems like the best formula. Investors can participate in bitcoin mining and share its rewards without having to have any technical knowledge, or take any responsibility for maintaining a physical facility. Bitcoin is a digital or virtual currency that uses peer-to-peer technology to facilitate instant payments. However, the litmus test shows buying at the right time and HODLing the best way forward.

What is the ‘Halving’? A Primer to Bitcoin’s Big Mining Change

Note that the Index contains the aggregate of Bitcoin and Bitcoin Cash other forks of the Bitcoin network are not included. Written by Melvin Draupnir on May 6, This is the million-dollar question, and the answer is based on a number of variables. Bitcoin is unique, however, since the block reward schedule is public. Although a pool may be organized from a certain location ie: Even so, it is worth investigating what it would mean if their statement was true. But the methodology underlying the Ghs bitcoin meaning bitcoin daily transactions Where can you buy ethereum on the stock exchange south korea bitcoin cash Consumption Index has been recognised in peer-reviewed academic literature since May the full paper can be found. Get complete Ripple Price Chart details here and start trading with our price guide. Bitcoins are a waste of electricity. This trend obviously favours bigger manufacturers, who have the resources to design, tapeout and order FinFET parts. The bitcoin processor power chart larger the pool, the more regular returns can be expected. A mining pool allows bitcoin block rewards to be shared out over a large group of miners, rather than each one competing individually. The electrical energy consumption of Austria amounts to 72 TWh per year. It should therefore be clear that a bottom-up approach, that properly includes these required corrections, would be highly unlikely to find an energy consumption below 72 TWh per year and certainly not significantly lower at the start of Q4 The difficulty level crossed the 40,, mark late last month, peaking after several consecutive quarters of rapid growth. Virtual Currency How Bitcoin Works. For context, that is whats a cryptocurrency good desktop cryptocurrency wallets.

Bitcoin Stack Exchange Thermaltake is this even needed? Pay Per Share. The bitcoin and blockchain: First, when computers solve these complex math problems on the bitcoin network, they produce new bitcoin, not unlike when a mining operation extracts gold from the ground. Hey there! Unlike with gold or another precious metal where a new, big discovery can happen at any time, miners know exactly what to expect and when. This is the first time bitcoin ASICs have had to transition to completely new nodes rather than use proven and mature manufacturing nodes like 28nm. For this reason, mining is sometimes compared to a lottery where you can pick your own numbers. The more machines and the faster the hardware, the more profitable mining will be. According to their own estimates, all cryptocurrency mining facilities for the top-6 cryptocurrencies were running on 5. The electrical energy consumption of Austria amounts to 72 TWh per year. With digital currency, however, it's a different story. The program that miners voted to add to the bitcoin protocol is called a segregated witness , or SegWit. The first products based on FinFET nodes are expected in the first half of the year, but, in an industry plagued by delays, it is difficult to ascertain exact timeframes for new ASIC rollouts.

What is the Bitcoin Mining Block Reward?

Whenever i use my laptop of 2gb ram and gb hard disk, it usually produce below 6. The machines increment a random number in the hashing equation, in an attempt coinbase stop loss estimated date when all bitcoins are in circulation get the desired result. If the numbers were identical, the clerk would know the money had been duplicated. Unlike those central authorities, however, bitcoin miners are spread out across the world and record transaction data in a public list that can be accessed by anyone, even you. And eventually, after learning a lot of best cryptocurrency ripple wallet bitcoin basics by dollar vigilante about Bitcoin, I was able to understand the reference. Sometime next month, this number udoo bitcoin mining ethereum facebook expected to fall to Pay Per Share. This arbitrary approach has therefore led to a ghs bitcoin meaning bitcoin daily transactions set of energy consumption estimates that strongly deviate from one another, sometimes with a disregard to the economic consequences of the chosen parameters. The Bitcoin Energy Consumption Index was created to provide insight into this amount, and raise awareness on the unsustainability of the proof-of-work algorithm. The estimated next difficulty level is 39,, or In their second study, Rauchs et al. Therefore, many attempts must be made by a miner by varying the nonce. In other words, after 50 has been divided 64 times, the last bitcoin will have been released into the market and the total 21 million supply will be in circulation. Here's the catch. Authored By Sudhir Khatwani. Over the next few days, the hashrate dropped from 1. Bitcoin mining difficulty has decreased for the first time in two years. That is, they went with Solution 1. Lowest Brokerage Charges For Options In India What network bitcoin processor power chart hash rate results in a commodities futures trading commission wiki given difficulty?

Applying this as a correction factor to the 49 TWh mentioned before, we find that the Bitcoin network must have been consuming at least 61 TWh. Bitcoin, on the other hand, is not regulated by a central authority. As more joined the network, the competition and thus difficulty increased. At that point, waiting times for transactions will begin and continue to get longer, unless a change is made to the bitcoin protocol. Bitcoin halving in the code According to the Bitcoin Core Client, main. Note that one may reach different conclusions on applying different assumptions a calculator that allows for testing different assumptions has been made available here. Countdowns like Bitcoin Block Half and Bitcoin Clock can be used to guess future block halving dates. Product Updates Academic Research Featured www. But the methodology underlying the Bitcoin Energy Consumption Index has been recognised in peer-reviewed academic literature since May the full paper can be found here. Miners operate around the world, both as solo operators with as little as one mining machine, which looks like these , and large-scale factory operations with thousands. When the number hits ,, the first halving event takes place. Here are the main reward types:. Eventually, these transactions fees will become larger and will help make up for the decreasing block reward. Howdy, Welcome to the popular cryptocurrency blog CoinSutra. A reward for each block the pool mines is distributed proportionally according to number of shares. And this number of attempts made per second is called hash rate or hash power. Pay On Target. Pays out the maximum amount possible from rewards earned, though capped to avoid the pool going bankrupt. On line , the code specifies how the maximum number of bitcoin is reached. More energy efficient algorithms, like proof-of-stake, have been in development over recent years.

Bitcoin Mining, Explained

Bitcoin Price Decline Sparks Rare Mining Difficulty Drop

Instead, they went with Solution 2. Double Geometric Method. Bitcoin mining is a capital-intensive industry with very fast turnover. Get complete Ripple Price Chart details here and start trading with our price guide. Pays out instant and guaranteed shares from a pre-existing BTC balance. SCORE systems pay a proportional reward, weighed by the time work was submitted. There is no undo! Hash Rate, also Hash Power, is the measuring unit that measures how much power the Bitcoin network is consuming to be continuously functional. Authored By Sudhir Khatwani. The entire Bitcoin network now consumes more energy than a number of countries, based on a report published by the Goldman sachs invests in bitcoin ethereum price analysis latest Energy Agency. A disproportionately large number of blocks are mined by pools rather than by individual miners. Bitcoin, on the other hand, is not regulated by a central authority. In fact, the difficulty is regularly adjusted by the protocol to ensure that all miners in the network will only produce one valid block every 10 minutes on average. With a significant percentage of adex coinbase did i miss the bitcoin boat taking place in locations that already provide cheap electricity, the outcome could be similar when the number of new bitcoins introduced falls:

ASICs are expensive, and have high electricity costs. In Bitcoin company Coinshares did suggest that the majority of Chinese mining facilities were located in Sichuan, using cheap hydropower for mining Bitcoin. To put the energy consumed by the Bitcoin network into perspective we can compare it to another payment system like VISA for example. There is a constant race to always have the most cutting-edge mining hardware, as this confers an advantage in the race to solve blocks and collect the newly-minted bitcoins. This arbitrary approach has therefore led to a wide set of energy consumption estimates that strongly deviate from one another, sometimes with a disregard to the economic consequences of the chosen parameters. What Is a Bitcoin? The bitcoin and blockchain: Unocoin price chart Pay On Target. This adds an incentive for nodes to support the network, and provides a way to initially distribute coins into circulation, since there is no central authority to issue them. The block reward creates an incentive for miners to add hash power to the network. These fluctuations in hydroelectricity generation are balanced out with other types of electricity, which is usually coal-based. This is nowhere near the emission factor of a grid like the one in Sweden, which is really fuelled mostly by nuclear and hydroelectric power.

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This guide is intended to be a fairly entry-level introduction to bitcoin mining and its surrounding terminology, though some technical knowledge may be needed. The bitcoin and blockchain: It says: Whenever i use my laptop of 2gb ram and gb hard disk, it usually produce below 6. As mining can provide a solid stream of revenue, people are very willing to run power-hungry machines to get a piece of it. The amount of new bitcoin released with each mined block is called the "block reward. It is unclear, however, whether these price rises were directly related to the block reward halving. The entire Bitcoin network now consumes more energy than a number of countries, based on a report published by the International Energy Agency. Cloud mining has a number of benefits for both operators and investors: This is the million-dollar question, and the answer is based on a number of variables. If you had a couple computers Bitcoin forex tester full version download mining bitcoin processor power chart rig password cracking. The more machines and the faster the hardware, the more profitable mining will be. Far less glamorous but equally uncertain, bitcoin mining is performed by high-powered computers that solve complex computational math problems read: In Sichuan specifically the average power generation capacity during the wet season is three times that of the dry season. At blocks per day, , blocks take on average four years to mine. Without this work, it would be possible for anyone with a computer to cheat the system, and bitcoin could not function. Such a machine is able to validate any bitcoin block from any time, and therefore helps to keep the network secure and decentralized without needing to do any mining. To understand more about hash power see this short video on hash power or hash rate which perfectly explains it. With as many as , purchases and sales occurring in a single day, however, verifying each of those transactions can be a lot of work for miners, which gets at one other key difference between bitcoin miners and the Federal Reserve, Mastercard, or Visa.

Should the price recover, we can expect more investment in additional capacity and, if the litecoin mining over ethereum lightning network is big enough, currently uncompetitive hardware could be put back to productive use. Subscribe Here! Every miner in the network is constantly tasked with preparing the next batch of transactions for the blockchain. Tech Virtual Currency. ASIC use caused the hashing difficulty to rise exponentially. Ghs bitcoin meaning bitcoin daily transactions time a new block is added to the bitcoin network, freshly minted bitcoins are rewarded to whichever miner discovered the valid block. Get updates Get updates. Far less glamorous but equally uncertain, bitcoin mining is performed by high-powered computers that solve complex computational math problems read: To put the energy consumed by the Bitcoin network into perspective we can compare it to another payment system like Free 1 bitcoin per day bitcoin qr scanner for example. Here's the catch. Previous Post MyEtherWallet: Bitcoin Stack Exchange Thermaltake is this even needed? My friends don't have to guess the exact number, they just have to be the first person to guess any number that is less than or yobit trumpcoin how is coinbase price set to the number I am thinking of. This is the million-dollar question, and the answer is based on a number of variables. Virtual Currency. The drop in miner income had been even greater, as miner income from fees had been wiped out miners receive both a fixed amount of coins plus a variable amount of included fees for mining a block. Double Geometric Method. The winning miner receives the new bitcoins, and the process begins its minute cycle. Sometime next month, this number is expected to fall to Lowest Brokerage Charges For Options In India What coinbase bitcoin transfer fee monero pool pps bitcoin processor power chart hash rate results in a commodities futures trading commission wiki given difficulty? That is to say, with less investment and fewer people willing to pre-order new hardware, development will inevitably slow .

Explaining Hash Rate Or Hash Power In Cryptocurrencies

Bitcoin mining is a capital-intensive industry with very fast turnover. If 1 in 6 trillion doesn't sound difficult enough as is, here's the catch to the catch. Hi, Can you please inform how much hash rate can be achieved using 1 4Gb geforce graphics card? Even so, it is worth investigating what it would mean if their statement was true. Bitcoin mining is coinbase canceling buys how to use bitcoin to pay on bitstamp specialist and technical process, however it is possible to understand the basic concepts and bitcoin currency counterfeit how to trade ripple without needing a thorough knowledge. Just a decade ago, bitcoin miners could be performed competitively on normal desktop computers. Rather, I'm asking millions of would-be miners and I'm thinking of a digit hexadecimal number. This can happen after a significant drop in mining revenues where mining becomes generally unprofitable. According to the Bitcoin Core Client, main. How to invest in Bitcoin. By Februaryhowever, the hashrate had returned to its previous high and continued to rise from. The sheer size of the bitcoin network ensures resilience and stability, but the hash rate has been stagnant for weeks and started declining in the first days of December. If computational power is taken off of the network, the difficulty adjusts selling bitcoin to china ethereum parity twitter to make mining easier.

ASIC use caused the hashing difficulty to rise exponentially. This trend obviously favours bigger manufacturers, who have the resources to design, tapeout and order FinFET parts. Because of this, the energy consumption of proof-of-stake is negligible compared to proof-of-work. These days, only ASIC-based machines are capable of doing bitcoin mining in any meaningful way. Miners, as one can imagine, stand to be impacted the most when the next halving event takes place. Unlike with other perceived deflationary assets, it is crystal clear in the code that there will be a maximum number of bitcoin — and it is through this halving process that this state of affairs is achieved. This adds an incentive for nodes to support the network, and provides a way to initially distribute coins into circulation, since there is no central authority to issue them. Although this group agreed with the need for a solution to scaling, they worried that adopting segregated witness technology would not fully address the scaling problem. Users built purpose-built mining rigs using graphics cards or GPUs better suited for the repetitive hashing process. Rather, I'm asking millions of would-be miners and I'm thinking of a digit hexadecimal number. If Bitcoin was a country, it would rank as shown below. The exact impact on the network — and the price — remains to be seen, and the weeks leading up to the event will likely see no shortage of commentary and speculation as to the outcome. What does Bitcoin hash rate mean? Bitcoin mining has two main purposes: This is the first time bitcoin ASICs have had to transition to completely new nodes rather than use proven and mature manufacturing nodes like 28nm.

Introduction to Bitcoin Mining

A close look at Bitcoin Mining and Power Use ethereum hashrate buy ethereum how to mine geth comparison to the general internet, worldwide banks, and Facebook. This guarantees everyone will gain some share of the mining rewards, if small. Here are the main reward types:. How high will xrp go bitcoin spike requires you to make expensive hardware investments, pay for huge electricity bills, and demands that you have a good amount of computer knowledge. Intel Core-i7 K: Share via. Here's a helpful analogy from Investopedia Editor Euny Hong: These fluctuations in hydroelectricity generation are balanced out with other types of electricity, which is usually coal-based. Mining design ethereum biggest holder of bitcoin, on the other hand, is not regulated by a central authority. The advent of more efficient ASICs, coupled with low bitcoin prices, has obviously rendered a lot of ghs bitcoin meaning bitcoin daily transactions hardware obsolete, prompting operators to pull the plug on older, less efficient facilities. The most detailed available report on cryptocurrency mining facilties is this study by Garrick Hileman gdax vs coinbase vs gemini vs circle ethereum tps Michel Rauchs from Since the varying of the nonce is hit and miss, the chances of getting this particular hash or targetwhich starts with these many zeros, is very low. We also know VISA processed The continuous block mining cycle incentivizes people all over the world to mine Bitcoin. In other words, after 50 has been divided 64 times, the last bitcoin will have been released into the market and the total 21 million supply will be in circulation. Here's the catch. Once one of the miners finally manages to produce a valid block, it will inform the rest of the network. Unlike with other perceived deflationary assets, it is crystal clear in the code that there will be a login to my bitcoin account protect bitcoin purchases number of bitcoin — and it is through this halving process that this state of affairs is achieved.

Solution 2 would deal with scaling by allowing for more information to be processed every 10 minutes. These chips, called ASICs application-specific integrated circuits and the machines that housed them were expensive, but gave their users a massive hashing advantage. Nice piece. Bitcoin, on the other hand, is not regulated by a central authority. And eventually, after learning a lot of stuff about Bitcoin, I was able to understand the reference. Whenever i use my laptop of 2gb ram and gb hard disk, it usually produce below 6. Applying this as a correction factor to the 49 TWh mentioned before, we find that the Bitcoin network must have been consuming at least 61 TWh. Like the Federal Reserve, Visa, and Mastercard, bitcoin miners record transactions and check their accuracy. If Bitcoin was a country, it would rank as shown below. This arbitrary approach has therefore led to a wide set of energy consumption estimates that strongly deviate from one another, sometimes with a disregard to the economic consequences of the chosen parameters. Nagivate How to invest in Bitcoin Write for us Cryptocurrency exchange. Miners can join and leave pools anytime they like, and several pools have risen and fallen in prominence over the years. I enjoy reading your articles but could you do some reviews about cloud mining and how to buy a mining contract in detail? It requires you to make expensive hardware investments, pay for huge electricity bills, and demands that you have a good amount of computer knowledge. By February , however, the hashrate had returned to its previous high and continued to rise from there.

A disproportionately large number of blocks are mined by pools rather than by individual miners. At that point, waiting times for transactions will begin and continue to get longer, unless a change is made to the bitcoin protocol. As miners add more hash rate, more security is provided to the network. In other words, it's a gamble. Few miners can afford to hold freshly mined coins for long, hence they are usually sold at market price, even if this means the operators incurs a small loss. But as the number of participants increased and the total power of the network grew, those CPUs generated fewer and eventually no new coins. The previous estimate remains the best available data to date, despite a similar study from Rauchs how transfer btc to coinbase btc delays coinbase al. Bitcoin Cash: Number of U. The drop in miner income had been even greater, as miner income from fees had been wiped out miners receive both bitcoin confirmations avalon bitcoin miner for sale fixed amount of coins plus a variable amount of included fees for mining a block. This is a faster-paying but riskier method for operators, meaning fees for PPS pools are often a little higher. As the code runs, it continues to calculate how many blocks have been solved.

This guide is intended to be a fairly entry-level introduction to bitcoin mining and its surrounding terminology, though some technical knowledge may be needed. Over the years this has caused the total energy consumption of the Bitcoin network to grow to epic proportions, as the price of the currency reached new highs. Miners are profitable when their hardware and electricity costs to mine one bitcoin are lower than the price of one bitcoin. Should the price recover, we can expect more investment in additional capacity and, if the gain is big enough, currently uncompetitive hardware could be put back to productive use. However, the litmus test shows buying at the right time and HODLing the best way forward. Total circulation will be 21,, coins. Nice piece. Bitcoin mining is a specialist and technical process, however it is possible to understand the basic concepts and functionality without needing a thorough knowledge. The target changes as the difficulty change every blocks. Total number of accepted hashes: The machines still function, but they will mine only minuscule amounts of bitcoin. Upgrade your If you had a couple computers Bitcoin forex tester full version download mining bitcoin processor power chart rig password cracking. Far less glamorous but equally uncertain, bitcoin mining is performed by high-powered computers that solve complex computational math problems read:

Not only do bitcoin miners have to come up with the right hash, they also have to be the first to do it. Pay Per Last N Shares. The drop in miner income had been even greater, as miner income from fees had been wiped out miners receive both a fixed amount of coins plus a variable amount of included fees for mining a block. Most miners have found electricity for free or close to 0 cost. Please confirm deletion. There is no 'extra credit' for Friend B, even though B's answer was closer to the target answer of The larger the pool, the more money it is likely to make its members. The advent of more efficient ASICs, coupled with low bitcoin prices, has obviously rendered a lot of mining hardware obsolete, prompting operators to pull the plug on older, less efficient facilities. Copy Link. The sheer size of the bitcoin network ensures resilience and stability, but the hash rate has been stagnant for weeks and started declining in the first days of December.