Bitcoin mining difficulty is directly proportional to the hashrate, or so it the popular theory. The next halving event is scheduled for April 2020 owing to the increased hashrate.
The year 2020 will be marked as a vital milestone in Bitcoin (BTC) history as it reaches its third (3rd) halving. The halving is preceded by a very ensuing year, 2019, consisting of varying market trends for Bitcoin.
The year, 2019 commenced with a bullish trend for the king of cryptocurrency, whereas the entire stock market experienced an extremely bearish wind. This bullish trend helped maintain the stability of the cryptocurrency.
While Bitcoin peaked at thirteen thousand and eight hundred dollars ($13,800) on 26th June 2019.
The second half of 2019, however, is devoted to speculating the next bullish trend or next peak of the cryptocurrency.
Bitcoin mining difficulty: What to expect?
Prior to its third halving, however, various reports including that of Token Insight say that the mining of Bitcoin blocks is to become increasingly difficult up till the halving itself.
According to the reports, the mining equipment ordered by the miners in the first half of 2019 will be activated in the second half of the year. This equipment contains hardware with high computing power and thus leads to increased mining difficulty.
Bitcoins difficulty is adjusted according to the number of blocks mined. On a fourteen-day difficulty adjusting time span, the difficulty in mining increased by over three and a quarter percent (3.29%) in the first quarter and by almost four and three-quarter percent (4.73%) in the second quarter.
The study furthers that the average hashrate was almost seventy-four and a half percent (74.35%) EH/s. The Bitcoin mining difficulty increase in the third and fourth quarters of the year are estimated to have a five percent (5%) increased difficulty at the least.
Thus the difficulty for mining will amplify almost fourteen and three-quarter percent (14.74%) times, in accordance with the conservative predictions. This is expected since a forty-eight percent (48%) increase is estimated in the Bitcoin mining computing power (hashrate) until the halving which means it will be approximately one hundred and nine (109) EH/s.