Bitcoin faces the biggest difficulty correction since 2018

Over the next few days, the Bitcoin network (BTC) will undergo a massive upward correction.

The encoded variable determines the amount of computing power required to find the right hash in block Bitcoin . The Bitcoin hash rate has recovered from its decline after halving and may soon reach its pre-event level of 120 EH / s. Other indicators in the chain also show positive signs. Bitcoin hodlers, for example, accumulate satoshita at a record rate. Despite the lower price in recent weeks, interest in the largest cryptocurrency by market capitalization seems to have revived.

Bitcoin will undergo a 15% correction of difficulty

A significant correction in the difficulty of digging for Bitcoin was announced on Tuesday. Sharing on Twitter on Sunday, market analyst Coin Metrics confirmed that the network will see an approximately 15% upward correction in two days based on current hashing power.

If so, this will be the most significant correction of the difficulty since January 2018. In addition, it will be the first of its kind halving event in May.

This particular adjustment follows two significant and consistent downward movements after halving. With the block rewards halved, some miners predictably left the network due to declining profits under the new mining remuneration regime.

During this ‘eviction’ of the miners, significant outgoing transfers of BTC from portfolios were also observed. However, as previously reported, the volume of Bitcoin, moving from miners to exchanges, is at a level – its one-year low.

In other words, the latest data show that miners do not capitulate en masse, which is a potentially good sign for another bullish market for the flagship cryptocurrency.