Halving 2020 Initial Effect on Bitcoin’s Mining Difficulty

[Paglamon]

The reduction of mining reward after the third Bitcoin halving in 2020 pushed back many miners from participating in the process. Eventually, to curb this issue, Bitcoin adjusted the difficulty level of mining by 6% to bring more miners in the process. Bitcoin’s mining difficulty determines how difficult it is to earn block reward i.e. to verify transactions. It was the first adjustment in the difficulty level of Bitcoin mining after the Bitcoin halving 2020 event.

Moreover, this difficulty level is adjusted every 14 days, accurately after 2,016 blocks so that the block interval continues to be around 10 minutes. If this time is somehow increased, maybe because of the less participation of miners in the process, Bitcoin’s network decreases its difficulty to promote more participation.

This is what happened after Bitcoin’s third halving after the completion of the 2,016 blocks.

[zendicator]

The fact that the difficulty is much higher, I expect that any time from now bitcoin will rise its value. Im very sure that miners wont sell bitcoins without profit. They will cobsume more electricity mining 1 bitcoin.