Within the next couple of days, the Bitcoin (BTC) network will experience a massive upward difficulty adjustment. The coded variable determines the amount of computing power required to find the right hash in a Bitcoin transaction block.
The Bitcoin hash rate has recovered from its post-halving plunge and may soon reach its pre-halving level of 120 EH/s. Other on-chain metrics are also showing positive signs.
Bitcoin Primed for a 15% Upward Difficulty Adjustment.
On Tuesday, BeInCrypto reported an imminent substantial difficulty adjustment for Bitcoin. Tweeting on Sunday, on-chain analytics provider Coin Metrics confirmed that the network would see an estimated 15% upward difficulty adjustment in two days based on the current hash rate.
If so, this will be the most substantial upward difficulty adjustment since January 2018. It will also be the first of its kind since the May halving event.
This particular adjustment follows two significant and successive downward moves following the May halving. With block reward subsidies slashed in half, some miners predictably exited the network due to declining profits under the new mining reward regime.
In other words, the latest data suggests that miners aren’t capitulating en masse, potentially a good sign for yet another Bitcoin bull run.