Bitcoin Mining Landscape: Navigating Record Highs in Difficulty and Hash Rate Amidst Anticipated Halving in 2024

The Bitcoin mining difficulty level has recently surpassed 80 trillion. The mining difficulty level is an estimate of the difficulty of solving the cryptography level in the mining process.

The hash rate of the Bitcoin network, which is a measure of the total computational power used by miners, has recently reached 562.81 exahashes per second (EH/s). Additionally, reports that the mining difficulty has hit a record high of 81.73 trillion.

The mining difficulty has been gradually increasing since January 2023 and is expected to reach 100 trillion in the coming months.

The difficulty level has risen significantly, which means there will be more power and energy utilisation for finding the correct hash levels. Furthermore, the difficulty level has been doubled since last year for Bitcoin.

Bitcoin mining difficulty from 2009-2024
Bitcoin mining difficulty from 2009-2024

Bitcoin mining difficulty increased by an estimated 6% during its automated readjustment on Feb. 15. The difficulty will reach new all-time highs exceeding 80 trillion for the first time, as per the data provided by the monitoring resource

However, a halving process can be seen near April 2024, that is halving the rewards of the Bitcoin mining process. The halving process fights the rising inflation levels, and Bitcoin regulators have programmed this process to occur after every 4 years. Hence, this process will be seen directly after 2020.

A decrease in the Bitcoin mining hash rate is likely to reduce mining difficulty as the network aims to maintain a stable block production rate of 10 minutes per block.

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