The recent drop in the price of bitcoin forced the miners to shut down some equipment. This has resulted in a 60% increase in the time taken on average to find a new block.
1/4) Bitcoin prices fell by 50% in the last 2 weeks, this is economically tough for miners.— Ankit Chiplunkar (@ankitchiplunkar) March 20, 2020
To cope with reduced revenue, miners switch off equipment to reduce costs, resulting in increased block times.
The average daily block time has increased by 60%
data: @thetokenanalyst pic.twitter.com/0vjEXb1OZi
The network algorithm assumes that on average a new block is added every 10 minutes. In early March this figure was less than 9 minutes, but by the 18th-19th date, it jumped to 12-14 minutes.
The researcher noted that slowing down block time may shift the date of halving. At the same time, the reduction of the block reward from 12.5 BTC to 6.75 BTC will put additional pressure on the profitability of the mining.