What Happens to the Mining Difficulty after a Halving Event?
The halving event itself does not directly change the mining difficulty. Difficulty is adjusted based on the total hash rate of the network, typically every 2,016 blocks.
If the halving causes some less-efficient miners to shut down due to reduced revenue, the total hash rate will drop, leading to a decrease in difficulty at the next adjustment. This allows the remaining miners to find blocks at the target time.
Glossar
Halving Event
Epoch ⎊ The halving event, intrinsic to Bitcoin's design and periodically occurring approximately every four years, represents a programmed reduction of the block reward given to miners for validating transactions.
Target Block Time
Block ⎊ The target block time, within cryptocurrency contexts, represents the anticipated duration between successive blocks added to a blockchain.
Total Hash Rate
Measure ⎊ Total Hash Rate represents the aggregate computational power, measured in hashes per second, currently being dedicated by all miners to secure a Proof-of-Work blockchain network.
Mining Difficulty
Algorithm ⎊ The mining difficulty, fundamentally, represents a dynamically adjusted parameter within blockchain networks, primarily designed to maintain a consistent block generation rate irrespective of computational power fluctuations.