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The Bitcoin Mining difficulty, the measure of how difficult it is to solve the math problem associated with a block, surpassed 80 trillion on Friday.
The hash rate for the network, which measures the total computing power provided by miners, rose to 562.81 EH/s, with mining difficulty reaching 81.73 trillion – a new all-time high, according to blockchain explorer BTC.com . With the steady increase since January 2023, Bitcoin mining difficulty is on track to reach 100 trillion in the coming months.
Bitcoin mining difficulty as of February 16th. Image: BTC.com
Using Bitcoin's proof-of-work consensus mechanism, mining difficulty measures the complexity of adding a new block to the blockchain. The higher the difficulty level, the more computing power and energy a miner needs to find the correct hash for the new block. For the Bitcoin network, the difficulty level has more than doubled in the last 12 months.
Bitcoin price reached $51,783.74 at 10:45 a.m. ET on February 16. The last time the Bitcoin price was this high was in November 2021, according to The Block's Price Page.
Bitcoin halving
Bitcoin mining rewards will be halved at the end of April as part of the so-called “Bitcoin halving.” Bitcoin's programmers have built reductions into the token's structure approximately every four years to combat inflation. The last time Bitcoin's mining reward halved was in May 2020.
At the next halving, Bitcoin rewards will drop from 6.25 BTC to 3,125 BTC. The halving may lead to a reduction in hash rate as inefficient miners struggle to balance their mining rewards and exit. A lower hash rate is expected to result in lower Bitcoin mining difficulty as the network attempts to maintain consistent block production every 10 minutes.
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