Mining BTC Could Be The Most Difficult Before The Bitcoin Halving

Mining BTC is still something that many people do as their primary job. However, over time, there have been plenty of updates regarding this industry. As we can see form the latest events in the Bitcoin news, mining BTC could reach all-time highs in terms of difficulty just before the halving which is scheduled for May 2020.

As you probably know if you are reading our site and BTC news, the Bitcoin mining difficulty is a measure that shows how hard it is to compete for mining rewards. As of recently, it went through another adjustment and the numbers were close to what was estimated yesterday.

As we could see, mining BTC went up by 8.45% and reached 15.96 T, short of the 16.55 T discussed a day ago, but more than was estimated two weeks ago (5.65%). Also, even though the difficulty dropped significantly in March, it now seems that it may be back on the road to its all time highs.

As of now, mining BTC is expected to be more difficulty by another 8.32% which means that the score would reach a new all-time high of 17.29T according to the major Bitcoin mining pool BTC.com and their estimates.

The cryptocurrency news also show that this forecast will change depending on changes in hash rate (the computational power of the Bitcoin network) which is yet to be confirmed. Should it increase further, the mining difficulty will follow. Now, the average hashrate stands at 114.10 EH/s which is the highest since mid-March.

While mining BTC could get more difficult as a process, the halving of Bitcoin is expected to happen in three weeks from now, putting one more difficulty adjustment between the one and the mining reward halving event.

As a reference, the mining difficulty of Bitcoin is adjusted every two weeks (on every 2016 blocks to be precise) in order to maintain the 10-minute block time which is seen as normal. This means that if there are plenty of miners competing among themselves and propagating blocks in less than ten minutes, the difficulty of the coming puzzle will be increased. In the other scenario, if there are fewer miners and it takes them much longer to find a solution, the difficulty will decrease.