Bitcoin’s mining difficulty recently recorded a 14.95% increase after having decreased as a result of the halving. The cryptocurrency had not recorded these values in its mining difficulty since January 2018, when it increased by more than 16%.
In recent days, Bitcoin’s mining difficulty was updated at the height of block 635,040. The blockchain reached a mining difficulty of 15.78 T, which represents an increase of 14.95%.
Bitcoin had not seen such a high increase in mining difficulty since January 2018, when it adjusted to 16.84%. At that time, the said value was at 2.60 T.
The first cryptocurrency went from a mining difficulty of 13.73 T, which it had on June 4th, to 15.78 T, which it will hold for approximately two weeks, depending on the configuration of the protocol. In this way, the blockchain is about to reach the levels of difficulty that it had before the halving when it recorded about 16.55 T.
This is the first increase that it has recorded in June since its level of difficulty had begun to decrease at the end of May. One of the causes that led to the decrease of Bitcoin’s mining difficulty has been the monetary impact of the halving, after which the reward decreased from 12.5 to BTC to 6.25 BTC per block mined. In the absence of profitability, many miners were forced to disconnect or sell their equipment to upgrade to new generation versions.
The desertion by miners after the halving directly affected the hash rate of the network, a value that in turn relates to mining difficulty. When the hash rate decreases due to the disconnection of mining equipment from the network, the mining difficulty is adjusted to a lower level so that obtaining blocks becomes easier. On the contrary, if the hash rate increases due to the connection of new and more powerful mining devices, the difficulty is also updated to make mining more competitive. The objective of this mechanism is to keep the production of blocks on a stable blockchain, in a steady period of around 10 minutes.
By consulting the data on the Bitcoin blockchain, it is possible to see that the hash rate has also recovered since its drop in May. The network recorded 106,486 exahash per second on June 15th, according to graphics from Bitinfocharts. This would prove the incorporation of new miners into the network after the halving occurred. Furthermore, newer and more powerful equipment may have entered this market, considering that Bitmain and MicroBT launched a new generation of mining devices capable of adapting to the new conditions on the network.
On the other hand, F2pool remains as the leader in the distribution of pools, followed by Poolin and Bitcoin.com. Additionally, miners are receiving on average a total of 34,183 BTC per day, solely on transaction fees. These profits add to the 6.5 BTC that they receive as a reward for each block mined.
By Alexander Salazar