Bitcoin

Integral

Trillion

<ul>
 <li>The difficulty of mining bitcoins has been steadily rising since January 2023.</li>
 <li>Mining difficulty is an integral part of Bitcoin’s proof-of-work consensus process.</li>
</ul>
The complexity of solving the mathematical equation connected with a block, which is a measure of <a href="https://thenewscrypto.com/bitcoin-stays-at-52k-is-a-btc-correction-coming-soon/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin’s</a> mining difficulty, surpassed 80 trillion on Friday.
With the mining difficulty hitting 81.73 trillion, the network hash rate—which measures the total processing power allocated by miners—rose to 562.81 EH/s, a new all-time high, according to blockchain explorer <a href="http://btc.com" target="_blank" rel="noopener noreferrer nofollow">BTC.com</a>. The difficulty of mining bitcoins has been steadily rising since January 2023, and it is expected to reach 100 trillion in the near future.
<h3 class="wp-block-heading" id="h-integral-part-of-proof-of-work-consensus">Integral Part of Proof-of-Work Consensus</h3>
A measure of the difficulty of adding a new block to the blockchain, mining difficulty is an integral part of Bitcoin’s <a href="https://www.forbes.com/advisor/in/investing/cryptocurrency/proof-of-work/#:~:text=Proof%20of%20work%20is%20a,the%20integrity%20of%20new%20data." target="_blank" rel="noopener noreferrer nofollow">proof-of-work</a> consensus process. A miner’s computing power and energy required to discover the correct hash for the new block increases as the difficulty level rises. The difficulty level of the Bitcoin network has increased by more than 100% in the last year.
In late April, a phenomenon called the “Bitcoin Halving” will occur, whereby the mining rewards for Bitcoin will be divided in half. To combat inflation, Bitcoin’s developers include a decrease into the token’s structure at regular intervals (around every four years). May 2020 was the last time the mining reward for Bitcoin was cut in half.
The incentives for Bitcoin will decrease from 6.25 BTC to 3.125 BTC during the next halving. A drop in hash rate can result from <a href="https://thenewscrypto.com/grayscale-analysts-debunk-bitcoin-halving-price-surge-predictions/" target="_blank" rel="noopener noreferrer nofollow">halving</a> if inefficient miners quit because they can’t afford to keep up with their mining payouts. Since the network aims to keep block output steady every 10 minutes, a lower hash rate should reduce bitcoin mining difficulty.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/ripple-xrp-reclaims-key-support-eyes-higher-level-in-february/" target="_blank" rel="noopener noreferrer nofollow">Ripple: XRP Reclaims Key Support, Eyes Higher Level in February</a>

Bitcoin (BTC) Mining Difficulty Hits 80 Trillion Ahead of Halving

Table of Contents

TheNewsCrypto

Other articles published on Feb 17, 2024

Tom Emmer Pinpoints Treasury’s Lapse Amid Elizabeth Warren’s Crypto Terrorism Claims

Ethereum gas fees hit $84M last week, thanks to the ERC-404 hype

New $0.01 Cryptocurrency Poised to Dominate the 2024 Bull Market Alongside Shiba Inu (SHIB)

New Token Similar to Polygon Could Replicate MATIC’s 21000% Annual Gains of 2021

It’s High Time to Be Bullish on Ethereum, Top ETH Analyst Reveals Why

Dogecoin: Assessing whether a breakout is coming soon

Join our free newsletter for daily crypto updates!