Bitcoin miners recently went through a sharp change in mining difficulty, which took it to 15,78 T. This corresponds to an increase of 14,95% compared to the previous level.
With this, everything seems to indicate that Bitcoin remains healthy, especially when we see that the mining difficulty level is about to break a record on the network. Currently, Bitcoin mining difficulty stands at a healthy 15,78 T (15,784,744,305,477, where T stands for trillion in English, or trillions in Spanish). However, the forecast for the next adjustment could finally surpass the 16 T barrier. This is due to a new possible increase of 14,28%, which would push the marker up to 18,04 T.
This would be the first time that Bitcoin surpassed the 16T barrier in its entire history. And why does this happen? Well, because the hash power of the largest cryptocurrency in the entire crypto world continues to rise sharply. The truth is that more and more miners are joining the network to extract the precious "digital gold".
The consolidation of Bitcoin's hash power has led the network to currently reach an average of 109 EH/s (EH = trillions of hashes per second). That is a level higher than the peak power reached in the last halving, which reached 108 EH/s. This demolishes the apocalyptic voices that Bitcoin after the halving would fall into a death spiral that would lead the cryptocurrency to its gradual abandonment.
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An event that tells us that Bitcoin is in good health
Let's remember that mining difficulty is an event that happens every 2016 blocks in Bitcoin. The function of this setting is to make the job of mining bitcoins more or less difficult, as more or fewer miners join the network with their equipment. A valuable mechanism that Satoshi Nakamoto created in Bitcoin, to make the system more dynamic.
This means that at the pre-established mining rate of 10 minutes per block, 2016 blocks are equivalent to approximately 14 days. Therefore, these days to come will be decisive to know if Bitcoin will really be able to overcome its own difficulty record.
But beyond this, this event also tells us that Bitcoin is in good health and stronger than ever. And the last halving raised many opinions about the viability of Bitcoin as a currency, especially fatalistic comments that indicated that reducing the reward to 6,25 BTC would be unviable for miners. In this sense, these events, although unnoticed by the general public, are relevant to the enthusiastic community that remains attentive to the evolution of Bitcoin.
On the other hand, everything seems to indicate that this increase in the hash rate It is due to the entry of new actors into the network. The arrival of Binance Pool and the consolidation of Poolin as the main BTC mining pool are the main factors in the increase in the hash rate according to the analyzes carried out by our team.
Learn with Bit2Me Academy: What is Bitcoin mining difficulty?
Market value remains stable
But for those who prefer to measure Bitcoin's health by its market value, there is also good news. The value of Bitcoin has been fluctuating for the last two months between $8.500 and $10.000 USD (€7549 – €8882), in what appears to be a price consolidation. A consolidation that keeps miners interested in the cryptocurrency and investing in equipment to extract it.
From this we can deduce that the network's mining power will undergo a large increase in the remainder of 2020, and we will see levels of power never seen before. In fact, in an analysis carried out by ByteTree, show that the MRI (Miner's Mobile Inventory) has remained fairly fair, indicating that miners are selling their bitcoin to replenish equipment and consolidate their power, so in the medium term we may see a significant increase in network power . All of this undoubtedly proves, once again, that Bitcoin is in good health as an ecosystem in general.
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