As we approach the upcoming Bitcoin (BTC) halving, the challenge of mining it becomes increasingly harder due to this significant event reducing miner rewards by half.
The mining difficulty for Bitcoin has been increased once more prior to the upcoming Bitcoin halving event, reaching an unprecedented high of 86.4 trillion, as indicated by information from BTC.com.
On April 10, the Bitcoin mining difficulty experienced an upgrade, raising it by approximately 3.4% compared to its previous level of 83 trillion, established on March 28.
In simpler terms, this means that the most recent change in Bitcoin’s mining difficulty is probably the final one before the upcoming halving event takes place.
Based on information from BTC.com, the next adjustment of Bitcoin’s mining difficulty is predicted to take place around 13 days from now, which would be around April 24. Meanwhile, according to CoinMarketCap’s data, the anticipated Bitcoin halving is projected to happen approximately eight days ahead, on April 19.
The mining difficulty of Bitcoin determines how complex and lengthy the process is to discover a new block or solve the cryptographic problems in adherence to Bitcoin’s proof-of-work (PoW) system.
The mining difficulty for Bitcoins gets adjusted approximately every two weeks, or after the mining of around 2,016 blocks. This automatic adjustment is built into Bitcoin’s system to ensure an average block time of ten minutes.
The level of mining difficulty for Bitcoin is determined by the hash rate of the Bitcoin blockchain, which represents the collective processing power of miners generating new Bitcoins.
Due to the rising challenge in Bitcoin mining, the hash rate has experienced a substantial boost in recent times. This figure, which represents the total computing power being used to mine Bitcoin, grew from approximately 619 quintillion hashes per second on March 28 to 696 quintillion hashes per second by April 10, according to BTC.com’s data.
Instead of reaching a record-breaking difficulty level on April 10, the Bitcoin hash rate achieved a new all-time high before that date.
Based on BitInfoCharts’ data, the Bitcoin network’s mining power hit a record-breaking peak of 727.9 exahashes per second (EH/s) on March 24th.
Based on current predictions, the hash rate for Bitcoin may decrease following the scheduled halving event in 2024.
Based on estimates from Galaxy’s Bitcoin mining experts, approximately 20% of Bitcoin’s present mining capacity might shut down following the Bitcoin halving. This is because some miners may choose to stop operating their equipment due to decreased efficiency post-halving.
By the end of 2023, approximately 70% or more of Bitcoin’s computing power came from the operations of just eight specific ASIC miner models, according to analyst estimates.
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2024-04-11 13:23