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Bitcoin Mining Difficulty Hits New High Ahead of Halving
Bitcoin's mining difficulty and hash rate continue to rise ahead of the halving, a major industry event that is expected to occur in eight days.
The difficulty of mining Bitcoin continues to increase ahead of the historic halving event, which is set to reduce miner rewards by 50%.
Bitcoin's mining difficulty has seen another adjustment ahead of Bitcoin's upcoming halving, reaching a new all-time high of $86.4 trillion, according to data from BTC.com.
The latest adjustment, which occurred on April 10, increased Bitcoin's mining difficulty by 3.4% from the previous difficulty level of 83 trillion, set on March 28.
The latest Bitcoin mining difficulty adjustment is likely the last one to occur before the halving.
According to BTC.com, the next Bitcoin mining difficulty adjustment will occur in 13 days, roughly on April 24. Meanwhile, the Bitcoin halving is expected to happen in eight days, or April 19, according to data from CoinMarketCap.
Bitcoin mining difficulty measures how difficult and time-consuming it is to mine a new block or solve mathematical puzzles under Bitcoin's proof-of-work (PoW) consensus mechanism.
BTC's mining difficulty adjustment occurs every 2,016 blocks, or roughly every two weeks, as Bitcoin is programmed to auto-adjust the difficulty level to maintain a target block time of 10 minutes.
Mining difficulty depends directly on the hash rate of the Bitcoin blockchain, a unit that measures the computational power of miners to produce new BTC.
In line with Bitcoin's increasing mining difficulty, BTC's hash rate has seen a significant increase recently, rising from around 619 exahashes per second (EH/s) on March 28 to 696 EH/s on April 10, according to BTC.com.
Unlike difficulty, which reached an all-time high on April 10, Bitcoin's hash rate recorded an all-time high previously.
According to data from BitInfoCharts, Bitcoin's hash rate reached an all-time high of 727.9 EH/s on March 24.
Source: Cointelegraph