Bitcoin Mining Difficulty Poised To Surpass All-Time High
Quick Take
- Bitcoin mining difficulty is slated to rise above the all-time high during the next adjustment.
- Bitcoin hash rate continues to increase ahead of the adjustment.
The Bitcoin blockchain is poised for another historic moment as the Bitcoin mining difficulty is expected to adjust upwards surpassing the previous all-time high. According to diff.cryptothis.com, Bitcoin’s mining difficulty is estimated to move upwards by approximately 10%, pushing the difficulty above the current all-time high of 16.55T recorded in March.
Bitcoin’s difficulty changes every 2016 blocks, or approximately every two weeks. Difficulty helps maintain Bitcoin’s target 10-minute block time.
For example, if Bitcoin hash rate rises and pushes the average Bitcoin block time below the target 10 minutes, Bitcoin difficultly will increase during the next adjustment to bring the block time back up to 10 minutes. On the other hand, if the average block time is greater than 10 minutes, the difficulty will adjust downwards during the next adjustment to compensate.
According to BitInfoCharts, the average Bitcoin block time has consistently been under the 10-minute target since the last difficulty adjustment on June 30.
Bitcoin Hashrate Continues To Rise
Despite initially falling following the Bitcoin halving event, which slashed the block reward from 12.5 Bitcoin to 6.25 Bitcoin, hash rate is back on the rise. The 7-day Bitcoin hash rate average recently reached an all-time high.
Furthermore, while the halving substantially lowered revenue, miners continue to hop onto the Bitcoin network pushing Bitcoin hash rate and likely difficulty to a fresh all-time high.
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