Apr 23, 2020 10:20 UTC
Apr 23, 2020 at 10:20 UTC
Bitcoin’s Mining Difficulty Implies Return of the Miners
On April 21, the Bitcoin network witnessed its biggest tough challenges in mining. Moreover, the data provided by Blockin, the difficulty adjusted upwards by 8.45%, pushing the difficulty to 15.96 T. The adjustment took place at block height 626,976.
With the increasing challenges in mining revealed that there has been a strong competition over the miners among themselves. The higher the number of miners in the system, the hashrate and the challenges will also increase on the network. It must be reported that the present adjustments made the challenges drop by 16% in March, one of the largest drops to be considered in the history of Bitcoin after mining became unprofitable.
BTC challenges were again made in sequence as this time it escalated by 5.77% to 14.72T. With the last two difficulties in showing an upturn, it can be inferred that miners have been returning back to the network in large numbers. Moreover, there is one more difficulty coming right before the halving scheduled for next month.
From the sources confirmed from the data provider, another adjustment will be taking place by 5 May, an adjustment that provides an 8.50% to boost difficulty taking it to 17.31T. Moreover, the next difficulty adjustment is increasing and hasrate may result in block mining times falling even further.
It has been reported that the average time taken to mine a single block is around 10 minutes; however, this minimum time is due to fewer miners, the time has increased. With the adjustment, the BTC difficulty and hashrate is expected to reach the levels before the crash and clarify the state of Bitcoin halving.
There is an impact of the mining adjustment that has not been witnessed in the spot market, as Bitcoin at the time of writing was fighting the $7K resistance. However, it was in control to stay above $7K for just four days before the selling pressure increased the value back under $7K.