Ethereum and Uniswap Weekly Winners As Crypto Revival Continues

As the hash rate drops and the difficulty of mining Bitcoin goes down, miners in the US, Canada and many other countries are able to get better profits. This in turn has seen the Bitcoin price close above $35k again and many other altcoins rose in succession as well.

In the past week alone, both Uniswap (up 15% in week) and Ethereum (up 12% in week) could be seen making healthy gains. In the broader altcoin markets, we have to mention the runup of Ethereum Classic and AAVE (both up some 35% in week). Can we forecast the continue of the new bull run or are we getting ahead of ourselves?

Green, green and more green

With all the doom and gloom that we’ve heard ever since hitting the Bitcoin All Time High of $64,000 back in April, we would almost forget how a few consecutive days of gains looked like. This weekend brought a welcome change.

The reason of course is the dropping of Bitcoin’s mining difficulty by some 28% as the Chinese crackdown means that many of the Asian companies that were in the race as well have dropped out. In turn, the miners that remained on the network see an easier time in the next few weeks and months.

And also a very profitable one.

This will be a revenue party for miners.

Explained Bitcoin mining engineer Brandon Arvanaghi.

They suddenly own a meaningfully larger piece of the pie, meaning they earn more bitcoin every day.

10-minute window

With so many Chinese firms on the network in recent years, the optimal block solving time had slowed down from the sweet spot, about 10 minutes to complete a block, to some 14 to 19 minute block times.

Last Saturday, the Bitcoin code automatically restored itself, making it some 28% less difficult to mine, and restoring the network to the desired 10-minute timeframe.