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Bitcoin’s fixed supply also makes it unsuitable for times of crisis, Varoufakis argued. Pointing to the coronavirus pandemic as an example, Varoufakis explained that governments around the world need the ability to increase the supply of their currencies to tackle emergencies.
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Bitcoin Mining Difficulty Set For Sharp Drop This Weekend
Bitcoin (BTC) mining difficulty may be knocked out of its just recently gained all-time high this weekend, back to a March level.
If this adjustment goes as currently (16:00 UTC) estimated by mining pool BTC.com, mining difficulty - which is the measure of how hard it is to compete for mining rewards - will drop 13.58%. This will land it to 21.64 T, the lowest it's been since mid-March.
This would be only the third drop in the mining difficulty this year, and the largest one.
Additionally, it comes after the latest all-time high (ATH) of 25.05 T, hit during the last adjustment two weeks ago. This was the strongest move upwards since October 2017.
All of this is happening amidst the latest selloff seen in the crypto markets, which pulled BTC down by 43% from its April 14 ATH of USD 64,804 (per CoinGecko) to USD 36,813 at the time of writing.