Bitcoin recently completed its first difficulty adjustment following the fourth halving, recording a 1.99% increase and pushing the mining difficulty to a record high. The network’s difficulty level rose from 86.39 trillion to a new level of 88.10 trillion.
Bitcoin Miners’ Strength Tested as Mining Difficulty Jumps 2% Post-Halving
As of block 840,672, which occurred at 10:51 a.m. EDT on Wednesday, bitcoin (BTC) mining has become more challenging. The difficulty now stands at a peak of 88.10 trillion, indicating that the hash of a block that is accepted must meet an extremely low target value within a vast range of potential hash values.
After the fourth halving at block 840,000, 672 blocks later, there was a 1.99% increase in difficulty at block 840,672. The forthcoming adjustment in difficulty is anticipated around May 8, 2024. Although the hashprice initially spiked to a high of $182 per petahash per second (PH/s) per day, it experienced a decline, falling to $74 per PH/s just two days prior.
However, the hashprice has since climbed back to $92 per petahash. Currently, miners are earning slightly less per petahash compared to before the halving, when rates were coasting along between $100 and $110 per PH/s. Moreover, with the latest retarget, the task of discovering a block has now become more challenging than ever before.
The increasing trend in mining difficulty underscores the strength of Bitcoin’s network security while presenting significant challenges for miners. As computational requirements escalate, miners are compelled to enhance their equipment to maintain competitiveness. This ongoing change significantly affects Bitcoin’s mining landscape, with potential repercussions for miner profitability and participation rates in the network as trends progress.
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