The hashrate of the most popular cryptocurrency had entered a downtrend, as the third Bitcoin (BTC) half-through event occurred on May 11, 2020. Problem; The rewards were reduced by 50% and the difficulty remained the same. Now that the difficulty for the miners has been fixed, the miners are re-entering the BTC network.
Since the beginning of May, Bitcoin’s network difficulty has dropped by about 15%. This allowed new miners to enter the market and increase the security of Bitcoin. The next challenge change is expected to be further developed. On May 5, 2020, when the last increase was seen, it increased by 0.92% compared to the previous regulation.
Bitcoin Hashrate Recovers
Bitcoin’s hashrate has been improving over the past few days, as new miners continue to enter the market after the split in the second week of May. Users are trying to improve the entire ecosystem by securing the Bitcoin network once again.
It is worth noting that Bitcoin is experiencing a halt every four years and halves new Bitcoin production. If we do not make any changes by keeping the prices stable, we can say that miners will lose 50% more in terms of earnings. Of course, miners don’t always have to sell all their coins to stay profitable, but the threshold to stay on the market has definitely dropped.
Therefore, many miners had to leave the area and wait on the sidelines until a new challenge was raised. The 7-day average hashrate for the Bitcoin network shows the same levels as the BTC network recorded in recent months. But if it continues to grow, we can see the all-time high in the coming weeks, which will be surprising for the whole market.