Bitcoin Mining Difficulty Hits Record High Ahead of Halving

Bitcoin Mining Difficulty Hits Record High of 80 Trillion as Network’s Hash Rate Reaches 562.81 EH/s

The ever-increasing difficulty of Bitcoin mining, which measures the level of complexity in solving cryptographic puzzles, has surpassed 80 trillion on Friday, Feb. 16. This milestone was accompanied by the network’s hash rate reaching a staggering 562.81 exahashes per second (EH/s).

According to BTC.com, the mining difficulty has been steadily rising since January 2023 and is expected to reach 100 trillion in the coming months. This surge in difficulty is a result of the continuously growing computational power and energy required by miners to find the correct hash in Bitcoin’s proof-of-work consensus mechanism.

Compared to last year, the difficulty level has more than doubled, highlighting the intense competition in the mining industry. In fact, at its automated readjustment on Feb. 15, the difficulty was estimated to increase by 6%, setting a new all-time high above 80 trillion for the first time.

The Differences Between Web 2.0 and Web 3.0: How to Build a Web 3.0 Website and Invest in the Upcoming Crypto Market

As the world eagerly awaits the arrival of Web 3.0, it is important to understand the key differences between this new era and its predecessor, Web 2.0. With the rise of decentralized technologies and blockchain, Web 3.0 promises to revolutionize the way we interact with the internet.

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Bitcoin Stuck at $52,000 as US Macro Data Surpasses Expectations

The price of Bitcoin remained stagnant at $52,000 during the Feb. 16 Wall Street open, despite the latest United States macro data exceeding expectations. This was revealed by data from Cointelegraph Markets Pro and TradingView, which showed no significant changes in BTC’s price as the week’s final TradFi trading session approached.

Upcoming Bitcoin Halving Could Impact Mining Rewards

In April, Bitcoin’s mining rewards will be cut in half, also known as the Bitcoin Halving. This reduction is a built-in feature in Bitcoin’s structure, occurring roughly every four years to combat inflation. The last halving took place in May 2020.

The upcoming halving will see Bitcoin’s rewards decrease from 6.25 BTC to 3.125 BTC. This change may lead to a decrease in the network’s hash rate as less efficient miners struggle to cover their costs and may have to shut down their mining rigs. As a result, the Bitcoin mining difficulty is expected to decrease in order to maintain a steady block production rate of 10 minutes.

Galaxy Digital Analysts Predict Up to 20% Drop in Hash Rate After Halving

According to analysts at Galaxy Digital, up to 20% of Bitcoin’s current hash rate could go offline after the halving, leaving only the most efficient mining rigs in operation. This could have a significant impact on the mining landscape and potentially affect the price of Bitcoin.