This week will see an adjustment in bitcoin difficulty which will affect miners and could influence prices. The asset just closed its first large green weekly candle for three months so a trend reversal could also be in play.
Bitcoin Difficulty Increase
Difficulty on the bitcoin network is a measure of how problematic it is to find a hash below a given target. Valid blocks must have a hash below the global block difficulty target. There is also a share difficulty which applies to mining pools and their ability to find a hash that is lower than the global target.
Mining difficulty adjusts automatically every 2,016 blocks on the network depending on the number of miners there are and their combination of time taken to find the next 2,016 blocks. Hash rates also influence the difficulty and they have been at all-time high recently which is why there is a need for an increase.
Tuesday’s difficulty adjustment will be epic! pic.twitter.com/NZQ0xBppDd
— PlanB (@100trillionUSD) January 12, 2020
According to bitinfocharts.com, bitcoin…