Bitcoin mining is set to get easier, as the network undergoes an expected difficulty adjustment on Tuesday – the first since last week's reward halving.
Bitcoin mining difficulty increased to 16.10 trillion (T) on Tuesday, close to the network’s all-time high of 16.55T recorded in March.
Bitcoin's mining "difficulty" just fell 6%, giving small-scale miners a reprieve. But this is only a small dip before an even steeper ascent.
A key measure of competition among bitcoin miners has stagnated in the past two weeks as the coronavirus outbreak disrupts economic activity in China.
Bitcoin likely carved out a major price bottom in December, according to a non-price metric, which has proved as a reliable price indicator in the past.