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Bitcoin Mining Difficulty Surpasses 80 Trillion

19 Feb, 2024 Crypto News

Bitcoin Mining Difficulty Surpasses 80 Trillion

Bitcoin mining difficulty, the metric indicating the level of challenge in solving the intricate cryptographic puzzles integral to mining, surpassed 80 trillion on Friday, February 16.

The network's hash rate, representing the cumulative computational power utilized by miners, surged to 562.81 exahashes per second (EH/s), while the mining difficulty reached an unprecedented 81.73 trillion, as reported by BTC.com.

Since January 2023, Bitcoin mining difficulty has exhibited a consistent upward trajectory and is anticipated to hit 100 trillion in the coming months.

In Bitcoin's proof-of-work consensus mechanism, heightened difficulty implies that miners necessitate increased computational resources and energy to uncover the correct hash.

Over the past year, Bitcoin's difficulty level has more than doubled.

During its automated adjustment on February 15, Bitcoin mining difficulty was projected to rise by approximately 6%.

Should this adjustment materialize, it would propel the difficulty to historic highs exceeding 80 trillion for the first time, according to data from monitoring platform BTC.com.

Bitcoin maintained its position around $52,000 during the opening of Wall Street on February 16, as recent macroeconomic data from the United States surpassed expectations.

Data from Cointelegraph Markets Pro and TradingView revealed stagnant price action for BTC leading into the final TradFi trading session of the week.

Bitcoin's mining rewards are set to halve in April during the Bitcoin Halving event. To combat inflation, this reduction in rewards is incorporated into Bitcoin's protocol approximately every four years. The last halving occurred in May 2020.

Following the upcoming halving, Bitcoin's rewards will decrease from 6.25 BTC to 3.125 BTC. This adjustment may lead to a reduction in the hash rate, as less efficient miners could find it economically challenging to sustain their operations and may opt to deactivate their mining rigs.

A diminished hash rate is likely to prompt a decline in Bitcoin mining difficulty as the network endeavors to maintain a consistent block production rate of approximately 10 minutes.

According to analysts at Galaxy Digital, up to 20% of Bitcoin's current hash rate could be taken offline following the Bitcoin halving, leaving only the most efficient mining rigs operational.

Sources:

https://cointelegraph.com/news/bitcoin-mining-difficulty-surpasses-80-trillion-amid-halving-anticipation

https://explorer.btc.com/btc/insights-difficulty

https://btc.com/stats/diff

https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE

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