Bitcoin’s hashrate gradually increased from 85 exahash per second (EH/s) to 125 EH/s. Because to the increase in hashpower, the next mining difficulty adjustment will be increased for the first time in eight weeks. The four straight difficulty drops were the most significant in Bitcoin’s history, and they appear to be coming to an end in four days.
The Hashrate of Bitcoin is Increasing.
The price of bitcoin (BTC) has been falling for several weeks, and China has been cracking down on bitcoin miners at the same time. Bitcoin’s price began to fall on May 15, from just above the $50K mark to just above the $30K mark on May 19.
A price decline essentially deprives bitcoin miners of revenue, and when BTC began to fall on May 15, the mining difficulty had risen two days prior, up 21.53 percent higher than the previous adjustment. The next two weeks were arduous for miners because it was over 21% more difficult to find a block.
On top of that, the Chinese authorities began cracking down on bitcoin miners in various provinces, outlawing the practice in specified places. Miners were caught off guard when they were told they had to shut down their operations by a specified date.
Prior to June 9, including two minor dips to 137 EH/s, the hashrate remained above 150 EH/s, despite the difficulty being 21% higher. However, China’s efforts had a significant impact on Chinese bitcoin miners, and the hashrate was just 66 EH/s on June 28.
Fortunately, on May 29, bitcoin miners received the first downward difficulty adjustment, which was 15.97 percent. The entities who assist safeguard the blockchain benefited from three additional downward difficulty drops as the price of BTC fell, making it tougher for miners to earn.
Difficulty is expected to rise by 3% to 5%.
Over the last two weeks, all four successive mining difficulty cuts have made it 54 percent simpler to find BTC blocks, compared to the difficulty peak prior to May 13. In four days, the negative adjustments will most likely reverse, with a possible increase of 3-5 percent.
Even if the prediction comes true, finding BTC blocks will be about 50% easier than it was before mid-May 2021. However, in terms of hashrate, it will be determined by what happens over the following four days.
If the hashrate rises significantly between now and then, the difficulty could rise by more than 5%. The anticipated rise could be neutralized and reverse back to a fall if global hashpower decreases considerably. A 3-5 percent rise is projected at the current hashrate, which should be manageable for miners.
Antpool, with 19.26% of the hashrate and 19 EH/s, is the leading bitcoin mining pool at the time of writing. Binance pool (12.47 percent), F2pool (11.82 percent), Poolin (11.38 percent), and Viabtc are the next most popular pools (10.50 percent ).