The Bitcoin halving that took place in May took a serious toll on the profitability of the miner, resulting in the closure of many smaller facilities due to the 50% reduction in bulk rewards resulting from this event.

Naturally, the BTC hash rate started to drop directly after the event, which was an expected byproduct of the halving.

Some analysts feared that cryptocurrency miners would get caught in a so-called “death spiral” due to mass capitulation, but a rapid increase in transaction fees helped slow the rate cut hash.

The térahashs per second (TH / s) addressed by the network Bitcoin have then started to rebound, which is perpetuated by two massive negative adjustments of difficulty, allowing the chopping rate to approach quickly from its highs before halving.

That said, an imminent positive difficulty adjustment should trigger another potential drop in the hash rate - hitting besieged miners.

Bitcoin's current hash rate triggers a 15% positive adjustment in mining difficulty in two days

Currently, Bitcoin's hash rate is around 116m TH / s. This marks a massive climb from the recent drop that dropped it to 90.4 m TH / s in late May following the halving.

The rebound from these lows was perpetuated by negative difficulty adjustments seen earlier this month.

CryptoSlate reported at the time that the adjustment observed on June 5 was the seventh most negative observed in the history of Bitcoin .

This almost instantly plunged transaction costs and helped fuel the recent upward trend in the hash rate.

Data analyst Phillip Swift talked about it at the time, saying it was "significant" and should give the miners a big boost.

"It is important. This should give a welcome boost to miners who have managed to go through half. "

In just two days, Bitcoin will undergo yet another adjustment in mining difficulty, and the data suggests it could be the biggest seen by crypto in more than two years.

According to a recent Coin Metrics article, it is estimated that this adjustment will make BTC 15% more difficult to operate . They also note that this will be the first increase in difficulty observed since the halving in May.

“At Bitcoin's current hash rate , the next difficulty adjustment, in ~ 2 days, could be the largest since January 2018, with an estimated increase of ~ 15%… It is also the first increase in difficulty since the reduction half of Bitcoin … ”