Bitcoin

Rise

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-mining-difficulty-hits-record-high/" data-wpel-link="internal">Bitcoin Mining Difficulty Hits Record High</a> 
<a href="https://en.coin-turk.com/bitcoin-analyst-block-reward-halving-and-potential-etf-approval-awaited-amidst-challenging-market-conditions/" data-wpel-link="internal">Bitcoin</a> (BTC) mining difficulty has soared to its highest level ever, reaching 75.50T at block height 828,576 on February 2, less than a month after a record-breaking increase on January 6. 
<h2 id="peak-in-mining-difficulty">Peak in Mining Difficulty</h2> 
Mining difficulty saw a significant increase of 7.33% this year, marking the most challenging period in the history of Bitcoin mining. This milestone highlights the increasing difficulties and computational demands faced by miners in the Bitcoin network as the next halving event approaches. Moreover, the latest adjustment in mining difficulty is part of the network’s regular mechanism aimed at maintaining a consistent block discovery time of approximately 10 minutes. This recent rise reflects a notable change from the previous adjustment on January 20, 2024, which saw a decrease of 3.90% in difficulty. 
Bitcoin network undergoes difficulty adjustments approximately every two weeks to adapt to changes in the network’s computational power, ensuring stable and secure block discovery. With difficulty now reaching 75.50 trillion, the criteria for mining a valid Bitcoin block have become stricter, requiring miners to exert more computational effort and resources. 
This increase in difficulty comes as the Bitcoin community anticipates the fourth halving event, expected to occur in fewer than 11,500 blocks. Halving will reduce the reward for mining a new block from 6.25 Bitcoin to 3.125 Bitcoin, potentially intensifying competition among miners for the diminishing rewards. Despite the surge, the collective hash rate of the Bitcoin network continues to demonstrate its strength, maintaining an average of 536 exahash (EH/s) per second over a seven-day simple moving average, close to the all-time high of 566 EH/s reached on January 29, 2024. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-310619 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/maden.jpg" alt="" width="1336" height="563"> 
<h2 id="mining-challenges-on-the-rise">Mining Challenges on the Rise</h2> 
The next mining difficulty adjustment is scheduled for February 15, 2024. The mining community will be closely monitoring this adjustment as they grapple with the increased difficulty and prepare for the upcoming halving event. Both are poised to significantly impact the economy of Bitcoin mining. 
However, the record-level mining difficulty underscores the competitive nature of Bitcoin mining and the continuous growth and resilience of the Bitcoin network. As miners adjust their operations to the new level of difficulty, the broader implications for the cryptocurrency market and network security will remain a focal point for stakeholders. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-mining-difficulty-hits-record-high/" data-wpel-link="internal">Bitcoin Mining Difficulty Hits Record High</a></h5>

Bitcoin Mining Difficulty Hits Record High

Table of Contents

COINTURK NEWS

Other articles published on Feb 2, 2024

Timeline For All Shiba Inu Projects Revealed As SHIB Price Readies To Soar

Bold Price Forecasts: Solana (SOL) Going for $300, Ethereum (ETH) Hitting $5500, and Retik Financ...

Jerome Powell Highlights Economic Indicators Impacting Policy Decisions

Shiba Inu News: Shib Profits Surge, But Can Investors Reach Their $1M Dreams?

Investors turn to NuggetRush presale as Chainlink and Celestia face downturns

Crypto: Solana smashes records above one billion!

Join our free newsletter for daily crypto updates!