Future

Bitcoin

April

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin mining difficulty hits a record high of 86.4 trillion ahead of the halving event.</li>
 <li>Bitcoin’s hash rate could drop by 20% after the halving, according to Galaxy’s mining analysts.</li>
</ul>
<p>Ahead of the anticipated halving event, the difficulty of mining Bitcoin has reached new heights.</p>
<p>The halving event, which is set to reduce miner rewards by 50%, is preceded by a surge in mining difficulty.</p>
<h2 id="bitcoin-mining-difficulty-and-hash-rate">Bitcoin Mining Difficulty and Hash Rate</h2>
<p>The mining difficulty, which hit a record 86.4 trillion, is an indication of how hard it is to mine a new block or solve mathematical puzzles under Bitcoin’s proof-of-work (PoW) consensus mechanism.</p>
<p>The difficulty is adjusted every 2,016 blocks, or approximately every two weeks, as Bitcoin is programmed to self-adjust the difficulty level to maintain a target block time of 10 minutes.</p>
<p>The mining difficulty is directly related to the Bitcoin blockchain hash rate, a unit measuring miners’ computational power to produce new Bitcoin.</p>
<p>With the increase in Bitcoin mining difficulty, the BTC hash rate has also seen a significant increase, surging from around 619 exahashes per second (EH/s) on March 28 to 696 EH/s on April 10.</p>
<h2 id="future-predictions">Future Predictions</h2>
<p>Some analysts predict that the BTC hash rate will likely drop after the upcoming Bitcoin halving in 2024.</p>
<p>According to analysts at Galaxy, as much as 20% of Bitcoin’s current hash rate could go offline after the Bitcoin halving, as many miners will likely turn off their mining rigs due to lowered efficiency post-halving.</p>
<p>They further stated that more than 70% of the Bitcoin hash rate was churned out by eight ASIC miner models by the end of 2023.</p>

Pre-Halving Bitcoin Mining Complexity Reaches Record 86T

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