On Thursday, Bitcoin’s network difficulty escalated by 5.79% at block height 834,624, signaling the year’s fourth rising adjustment. The mining difficulty now stands at an unprecedented peak of 83.95 trillion, with the forthcoming adjustment anticipated around March 27, 2024.
Bitcoin Mining Hits Record Difficulty as Countdown to 2024 Halving Begins
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Bitcoin Difficulty Jumps 5.79%
Mining Bitcoin has reached unprecedented levels of difficulty, peaking at 83.95 trillion on Thursday. This adjustment occurred at block height 834,624, with roughly 1,960 blocks remaining until the next recalibration. The year 2024 has witnessed four increases and two decreases in mining difficulty so far.
Concurrently, Bitcoin’s computing power has soared to new heights, registering a peak hashrate of 628 exahash per second (EH/s) on Mar. 12, 2024. Since that peak, the hashrate has slightly decreased to 624 EH/s, as reported by the seven-day simple moving average (SMA) available on hashrateindex.com.
As of this moment, less than 5,500 blocks remain before the next Bitcoin halving event, which will slash miners’ block rewards from 6.25 bitcoins per block to 3.125 bitcoins per block. Miners will face two more difficulty adjustments before the halving, expected to take place around April 19, 2024.
What do you think about the mining difficulty spike on Thursday? Share your thoughts and opinions about this subject in the comments section below.
