Interesting changes will affect the Bitcoin network in about two days from now. As is the case every 2,160 blocks, the mining difficulty will adjust once again. We have seen some major leaps in this regard throughout the years. It now seems the next adjustment will represent an 18% increase. In most cases, such an adjustment will force more miners to Bitcoin Cash. If that is the case, things can get very interesting for the world’s leading cryptocurrency.
The mining difficulty affects the profitability of Bitcoin. If the difficulty spikes to high, miners often look for alternative mining options. Throughout the past few months, we have seen miners switch over to BCH as a result. Whether or not history will repeat itself in this regard, remains to be determined. A new difficulty adjustment is on the horizon, and it will be a rather juicy one, by the look of things. Fork.lol projects a near 18% increase, which is rather steep.
Upcoming Bitcoin Mining Difficulty is Worrisome
It is true the Bitcoin mining difficulty has seen similar adjustments in the past. Although it isn’t fun, it never caused any major issues either. With Bitcoin Cash now being a thing, that situation is very different. it seems the BCH community anticipates a massive shift in hashpower to their network. Whether or not that will happen, is very difficult to predict. Both currencies are equally profitable to mine right now, give or take. However, the BCH chain runs at 11.57% of Bitcoin’s mining difficulty.
When the Bitcoin network adjusts, things will get very interesting. A major shift in hashpower is not unthinkable. We have seen a lot of miners switch to Bitcoin in the past week or so. As a result, the mining difficulty needs to adjust properly to accommodate this higher amount of power. However, the difficulty will not change back for another 2m160 blocks. If the miners bail on Bitcoin, we may see more delayed transactions and increased fees once again. It is a situation everyone hopes to avoid, for obvious reasons.
For the time being, there is no reason to panic whatsoever. Bitcoin has almost 10 times as much hashpower as Bitcoin Cash. If this remains the same after the difficulty adjustment, everything will be just fine. Some miners will make the switch regardless, though. An interesting few days are ahead for the world’s leading cryptocurrency. In the best case, the BCH users get excited about nothing. In the worst case, Bitcoin will struggle again for a few days or more. It is a situation well worth keeping an eye on, to say the least.
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