Bitcoin Mining Difficulty Hits All-Time High Ahead of Halving

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The mining complexity for Bitcoins has reached an all-time high of 86.39 trillion following a 3.4% rise on April 10, just prior to the upcoming halving event. This latest increase surpasses the previous record of 83 trillion, set on March 28.

The Bitcoin network’s hash rate determines the adjustment of the problem complexity approximately every two weeks to keep a ten-minute block time consistent.

Miners, no longer receiving new blocks rewards, are intensely focusing on increasing their computational power in order to secure the next reward reduction. The average mining hash rate over the last week has consistently hit new records, nearing a staggering 630 exahashes per second (EH/s).

Due to a surge in mining complexity, the cost of bitcoin’s hashrate – as measured by Luxor’s Hashrate Index – has dropped to approximately $105 per petahash per second. Following the post-halving event, this price is projected to decrease by half.

The Bitcoin mining difficulty is predicted to change within the next two weeks, around April 24. At the same time, a miner reward reduction by half, called halving, is scheduled for approximately eight days from now. However, this event comes with a multitude of uncertainties and new obstacles.

As more miners join the Bitcoin network and the mining difficulty rises to keep the average time between blocks consistent, the rewards earned by each miner for discovering a new block will decrease.

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2024-04-11 15:00