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Bitcoin mining difficulty breaks above 80 trillion for first time
The Bitcoin BTC -0. 52% mining difficulty, the measure of how hard it is to solve the mathematical problem associated with a block, passed 80 trillion on Friday.
The hash rate for the network, which meters the total computational power dedicated by miners, rose to 562. 81 EH/s with the mining difficulty reaching 81. 73 trillion — a new all-time high, according to the blockchain explorer BTC. com. With its consistent increase since January 2023, bitcoin mining difficulty is on a course to reach 100 trillion in the coming months.
Bitcoin mining difficulty as of Feb. 16. Image: BTC. com
With Bitcoins proof-of-work consensus mechanism, mining difficulty gauges the complexity of adding a new block to the blockchain. The higher the difficulty, the more computational power and energy a miner needs to find the right hash for the new block. For the Bitcoin network, the difficulty level has more than doubled in the past 12 months.
Bitcoins price hit $51,783. 74 at 10:45 a. m. ET on Feb. 16. The last time bitcoins price was that high was in November 2021, according to The Blocks Price Page.
Bitcoins mining rewards will be cut in half in late April in whats known as the Bitcoin Halving. Bitcoins programmers baked the reduction into the tokens structure roughly every four years to fight inflation. The last time bitcoins mining reward halved was in May 2020.
Come the next halving, bitcoins rewards will fall to 3. 125 BTC from 6. 25 BTC. The halving may cause a reduction in hash rate as inefficient miners struggle to break even from their mining rewards and exit. A lower hash rate is expected to lead to a decreased bitcoin mining difficulty as the network attempts to maintain consistent block production every 10 minutes.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
