Bitcoin’s mining difficulty has surged to its highest level ever, occurring just over a week before the highly anticipated halving event.
According to data from BTC.com, Bitcoin’s difficulty reached 86.39 trillion hashes on April 10 2024. The latest adjustment, which occurred on the same day, increased the Bitcoin mining difficulty by 3.4% from the previous difficulty level of 83 trillion, which was set on March 28 2024.
Bitcoin Hashrate and Mining DifficultyThe difficulty of mining Bitcoin continues to grow ahead of the historic halving event, which is poised to cut miner rewards by 50%.
According to BTC.com, the next adjustment in Bitcoin mining difficulty is projected to happen in 12 days, approximately on April 24 2024. Meanwhile, most projections indicate that the Bitcoin halving is anticipated to take place in eight days, on April 20 2024.
Bitcoin mining difficulty is a measure of how hard it is to find a hash below a given target during the mining process. In simpler terms, it’s a measure of how hard it is to solve the puzzle required to add a new block of transactions to the Bitcoin blockchain.
The difficulty adjusts approximately every two weeks, or more precisely, every 2,016 blocks, to ensure that blocks are found, on average, every 10 minutes. If miners are finding blocks too quickly, meaning they’re solving the puzzles too easily, the difficulty increases to make it harder. On the other hand, if blocks are being found too slowly, the difficulty decreases to make it easier.
The reason for halving is to gradually decrease the rate of coin issuance as Bitcoin approaches its maximum supply, which is capped at 21 million coins.
EXPLAINER | The Most Anticipated Cryptocurrency Event of 2024, The #Bitcoin Halving, Explained
Through embedding a total supply and halving event directly into the Bitcoin code, the monetary system of Bitcoin becomes immutable and resistant to alteration.
This 'hard cap'… pic.twitter.com/cID1rPMS7J
— BitKE (@BitcoinKE) March 17, 2024
Halving events are closely watched by the cryptocurrency community as they can have significant effects on the supply and demand dynamics of Bitcoin, potentially influencing its price.
The price of Bitcoin already buoyed by the approval of spot ETFS in January 2024, now stands at just above $70,500 per coin, according to the latest CoinGecko stats.
🇺🇸 MILESTONE | ‘We Do not Approve Nor Endorse Bitcoin,’ Says United States SEC as it Approves 11 Spot #Bitcoin ETFs
This development represents a historic milestone in the integration of Bitcoin into traditional financial markets.
Below are the 11 approved products.… pic.twitter.com/Zn41cG9Ji0
— BitKE (@BitcoinKE) January 11, 2024
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