Bitcoin Mining Difficulty Skyrockets Ahead of Imminent Halving Event
The impending fourth Bitcoin halving event has triggered an over 8% increase in Bitcoin mining difficulty, recording a new all-time high. This alteration, which adjusts every 2,016 blocks according to miner count, maintains the block production ratio as more miners join. Despite cryptocurrency restrictions in China and a bear market in 2022 and 2023, the Bitcoin mining difficulty has quadrupled since February 2021, exceeding 81T. This surge indicates the steadfastness of the Bitcoin network, particularly with the halving event on the horizon. However, a 15% drop in the BTC hash rate from its earlier peak this month implies some miners may be disconnecting their equipment as the halving approaches. In addition to the hike in mining difficulty, Bitcoin’s price has also surged, breaking the $43,000 resistance and surpassing $50,000 for the first time in over two years, peaking nearly $53,000.
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