Bitcoin

April

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-mining-difficulty-hits-new-record-high/" data-wpel-link="internal">Bitcoin Mining Difficulty Hits New Record High</a><br></p>
<p style="text-align: justify"><strong><a href="https://coin-turk.com/max-keiser-bitcoin-btc-fiyati-ile-igili-dudak-ucuklatan-tahminini-acikladi" data-wpel-link="internal">Bitcoin</a></strong>‘s (<a href="https://coin-turk.com/coinbase-3-ceyrek-kazanc-raporunu-acikladi-ethereum-ve-bitcoin-cekismesi-dikkat-cekti" data-wpel-link="internal">BTC</a>) mining difficulty reached a new record level with the latest adjustment on April 24, marking a 2% increase. This was the first difficulty adjustment following the fourth block reward halving.</p> 
<h2 style="text-align: justify" id="strong-bitcoin-mining-difficulty-reaches-record-level-strong"><strong>Bitcoin Mining Difficulty Reaches Record Level</strong></h2> 
<p style="text-align: justify">Data from Bitbo shows that this adjustment, occurring at block height 840,672, resulted in a record difficulty level of 88.1 trillion. This marks a notable departure from the typical reductions in mining difficulty following previous block reward halvings, such as those in November 2020, July 2016, and May 2020, which adjusted to -2%, 0%, and -6% respectively.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-344494" src="https://coin-turk.com/wp-content/uploads/2024/04/Bitcoin-islem-ucreti-madencilik-zorlugu.png" alt="" width="1155" height="650"></p> 
<p style="text-align: justify">The recent increase in mining difficulty is associated with the reduction in the reward per mined block from 6.25 <a href="https://en.coin-turk.com/understanding-the-implications-of-secs-recent-etf-decision/" data-wpel-link="internal">BTC</a> to 3.125 BTC following the block reward halving.</p> 
<h2 style="text-align: justify" id="strong-increase-in-transaction-fee-activity-strong"><strong>Increase in Transaction Fee Activity</strong></h2> 
<p style="text-align: justify">Meanwhile, miners continue to benefit significantly from transaction fee revenues, and recent data shows a striking increase in transaction fee activity following the block reward halving. Unlike previous halvings where the increase in transaction fees was insufficient to offset the drop in hashrate, the current situation sees a rise in hashrate supported by increased transaction fees.</p> 
<p style="text-align: justify">Following the block reward halving at block 840,000, transaction fee revenue significantly increased, in some instances surpassing the block reward. This trend highlights the growing importance of transaction fees in miners’ revenue streams, forming a significant portion of total rewards. Notably, the increase in transaction fee activity is partly associated with the hype surrounding the new <a href="https://en.coin-turk.com/long-term-bitcoin-holders-control-record-breaking-80-34-of-btc-supply/" data-wpel-link="internal">Bitcoin</a> fungible token standard introduced during the block reward halving, the Runes protocol.</p> 
<p style="text-align: justify">While transaction fee activity initially surged to record levels, subsequent adjustments normalized the fees, though they remained high compared to pre-halving levels. Despite this normalization, transactions involving the Runes protocol continue to constitute a significant portion of Bitcoin transactions, indicating sustained interest and engagement with the protocol.</p> 
<p style="text-align: justify">The current increase in transaction fee rewards reflects the changing dynamics of the Bitcoin mining industry, characterized by a shift towards larger, well-capitalized mining operations. This evolution from smaller-scale operations to larger, more efficient facilities indicates the industry’s maturation. Despite fears of centralization and consolidation in hashrate, the industry’s resilience following the block reward halving reflects its ability to adapt and evolve under changing market conditions.</p> 
<p style="text-align: justify">Looking forward, attention is focused on the future trajectory of Bitcoin mining and its impact on the broader cryptocurrency market. With the completion of the fourth block reward halving event, industry experts anticipate further consolidation in the mining sector and continued reliance on transaction fee rewards. As the sector continues to mature, developments following the block reward halving are expected to shape the environment leading up to the next halving event anticipated in April 2028.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-mining-difficulty-hits-new-record-high/" data-wpel-link="internal">Bitcoin Mining Difficulty Hits New Record High</a></h5>

Bitcoin Mining Difficulty Hits New Record High

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