The Bitcoin Difficulty adjustment ensures that every BTC block is found on average every 10 minutes. If the hash rate increases while the difficulty remains the same, a block is found faster than 10 minutes and vice versa.
The difficulty adjustment takes place every 2016 blocks and is based on the average time it actually took to find a Bitcoin block during this period. If the time is less than 10 minutes, the difficulty is increased. If the 10 minutes are exceeded, the difficulty decreases. This function is one of the most important in the game theory concept of Bitcoin. Now one of the biggest difficulty adjustments is imminent this year.The founder of BuffettsBooks.com, Preston Pysh, and the CEO of Blockware Mining, Matt D’Souza, expect Bitcoin to fall well below the $ 9,000 mark due to the upcoming difficulty adjustment. In addition, both experts are certain that it is an excellent opportunity to buy the dip.
The Bitcoin Difficulty Adjustment will take place in a few hours
Joseph Young, a renowned Bitcoin expert and columbian, has enumerated several important factors that Bitcoin is likely to push down this week. One of these is the upcoming difficulty adjustment, which will currently be around 15-16%. The difficulty will increase, making it more difficult for the miners to find a block.