- Bitcoin has corrected to the $10,000 level after struggling to maintain $12,000.
- Despite the halving, Bitcoin network difficulty is poised to reach an all-time high
Despite seeing a correction to the $10,000 level, Bitcoin mining difficulty is due for a massive difficulty adjustment upwards. According to diff.cryptothis.com, this difficulty adjustment should shift the difficulty approximately 10% higher. The adjustment is estimated to occur this weekend.
An uptick in mining difficulty generally translates in a decrease in the amount of Bitcoin a miner can mine with a given amount of hash rate.
While the Bitcoin halving in May slashed the block reward from 12.5 Bitcoin to 6.25 Bitcoin, the upcoming difficulty adjustment is poised to surpass the all-time network difficulty.
This is not the first time Bitcoin mining difficulty has reached an all-time high this year as The Crypto Associate has previously reported.
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