Bitcoin Mining Difficulty Hits Record 86T Before Halving

Bitcoin Mining difficulty has hit a record high of 86.4 trillion, just before the anticipated halving event.

The difficulty of mining Bitcoin continues to increase in anticipation of the historic halving event, which is currently in the process of reducing miner incentives by fifty percent.

Bitcoin Mining Difficulty Peaks Before April Halving

Bitcoin mining difficulty has reached an all-time high of 86.4 trillion, according to data from BTC.com. This adjustment coincides with the upcoming April halving of the Bitcoin supply.

The most recent modification, which took place on April 10, resulted in an increase of 3.4% in the difficulty level of mining Bitcoin. On March 28, we established the previous difficulty level at 83 trillion.

It seems highly likely that the most recent adjustment to Bitcoin mining difficulty will be the final one to take place before the halving. According to BTC.com, the subsequent adjustment to the difficulty of mining Bitcoin will take place in 30 days, or around April 24th.

In the meantime, according to information provided by CoinMarketCap, half of the Bitcoin supply is anticipated to take place in 8 days, with the date being April 19.

Mining Bitcoin’s difficulty is a measurement of how difficult and time-consuming it is to mine a new block or solve mathematical problems using Bitcoin’s proof-of-work (PoW) consensus method.

Every 2,016 blocks, or roughly every two weeks, Bitcoin automatically adjusts the difficulty level of mining. Bitcoin automatically adjusts its difficulty level to maintain a goal block time of ten minutes.

The difficulty of mining is directly proportional to the hash rate of the Bitcoin blockchain, which is a unit that measures the amount of processing power that miners have to produce new bitcoins.

According to BTC.com, the Bitcoin hash rate has increased significantly in recent times, from approximately 619 exahashes per second (EH/s) on March 28 to 696 EH/s on April 10.

This growth aligns with the growing challenges faced by Bitcoin miners. In contrast to the difficulty, which reached a new all-time high on April 10, the Bitcoin hash rate reached a new all-time high shortly before that.

It was on March 24 when the Bitcoin hash rate achieved an all-time high of 727.9 EH/s, as indicated by the data provided by BitInfoChartan. Many analysts predict that after the next Bitcoin halving in 2024, the hash rate will most likely decline.

In light of the fact that many miners will most likely turn off their mining rigs owing to the decreased efficiency that will result from the Bitcoin halving, Galaxy’s mining researchers believe that as much as twenty percent of Bitcoin’s current hash rate could become unavailable after the halving.

As of the end of the year 2023, the analysts predicted that eight ASIC miner models would be responsible for producing more than seventy percent of the Bitcoin hash rate by the end of 2023.