Blocks times are slowing down on Bitcoin’s network. Although block times have a tendency to stay stable, this is the first such spike since late 2018.

Bitcoin’s Block Times Jump

Is Bitcoin’s network slowing down? Although an anomaly, there has been a consistent rise in block times on the leading cryptocurrency’s network. In data collected from BitInfoCharts, such a spike has not been seen since November 2018.

The spike in late 2018 can be attributed to the drastic decline in Bitcoin’s price around that time. If you can recall, Bitcoin found its bottom during the bearish winter that year. Therefore, the surge in block time this time around can be linked to the 50% decline last Thursday. The exact reason, however, is still unclear.

Bitcoin’s Hashrate on the Decline, Miners Going Bankrupt

Higher block times are not the only anomaly currently seen on the Bitcoin network. As BeInCrypto reported, Bitcoin’s hashrate has also plummeted in the past few weeks. This month, the hashrate has fallen some 40%. The drastic drop last week has also priced out many miners as mining profitability plummets.

Bitcoin has maintained some positive momentum after its price collapse last Thursday. At the time of writing, Bitcoin is trading for around $6,430 and is up some 8.50% on the daily. This rise has happened in spite of a global market rout that saw the S&P 500 and other major indexes drop substantially in the past week.

However, Bitcoin’s real test still awaits. With the coronavirus pandemic still rattling world markets, and expected to for months, this is ultimately the time for cryptocurrencies to shine. The blockchain industry has never experienced a recession, which now seems all but certain. 

▶️ Do you need trading guidance during this Coronavirus outbreak?
BeInCrypto is here to help! Join our Telegram Trading Community for Market Updates, exclusive Trading Signals and a FREE Trading Course! Images courtesy of Shutterstock, Trading View and Twitter.

Disclaimer. Read MoreRead Less

As a leading organization in blockchain and fintech news, BeInCrypto always makes every effort to adhere to a strict set of editorial policies and practice the highest level of journalistic standards. That being said, we always encourage and urge readers to conduct their own research in relation to any claims made in this article.
This article is intended as news or presented for informational purposes only. The topic of the article and information provided could potentially impact the value of a digital asset or cryptocurrency but is never intended to do so. Likewise, the content of the article and information provided within is not intended to, and does not, present sufficient information for the purposes of making a financial decision or investment. This article is explicitly not intended to be financial advice, is not financial advice, and should not be construed as financial advice. The content and information provided in this article were not prepared by a certified financial professional. All readers should always conduct their own due diligence with a certified financial professional before making any investment decisions. The author of this article may, at the time of its writing, hold any amount of Bitcoin, cryptocurrency, other digital currency, or financial instruments — including but not limited to any that appear in the contents of this article.