Bitcoin mining difficulty is on the rise. After recording the biggest percentage change in over six months, the network is primed to hit difficulty levels never witnessed before—just in time for the Bitcoin halving. 

According to stats from BTC.com yesterday, Bitcoin's mining difficulty cited an 8.45% increase from 14.72 trillion (T), to 15.95 T. The last time the network noted such an uptick in difficulty was in September last year, when it rose by 10.38%. 

Now, the data suggests that mining difficulty is heading for an all-time high, with BTC.com estimating that In a little over two weeks, network difficulty will rise by a further 8.09%— bringing its total value to 17,24 T. 

Bitcoin mining difficulty is a network calibration which accounts for new network power or a lack thereof. The more hashing power—and therefore miners—the network bears, the higher the difficulty adjustment and vice versa. This acts as a means of delaying or increasing the block time to maintain a 10-minute average. If it takes less than 10 minutes to mine a block, difficulty increases, if it takes longer, difficulty drops. 

What mining difficulty means for the Bitcoin halving 

With the Bitcoin halving less than 25 days away, a change in mining difficulty could throw a spanner in the works. 

As Bitcoin's block reward halves, some retail miners could be forced to capitulate due to a lull in profitability as mining rigs become obsolete; mining difficulty reaching an all-time high is likely to exacerbate the issue.

 Bitcoin Halvening

How will Bitcoin's price crash affect the halving?

Traditionally, a Bitcoin (BTC) halving—when the supply of Bitcoin issued as mining rewards is cut in half—has been seen as a very bullish development for the cryptocurrency. The event, which happens only once every four years, is generally preceded, or followed by, a rise in the price. But 2020’s halving, due in 50 days, is a very different beast. The economic fallout caused by the coronavirus crisis has caught Bitcoin on the hop. Its price plunged 50%, from $9,000 to $4,500 last week, throwing...

Nevertheless, with fewer miners competing for each block reward, difficulty will eventually recalibrate—allowing less sophisticated mining machines a chance at profitability once again.