Bitcoin Mining Difficulty Hits All-Time High Ahead of Halving
Bitcoin’s mining difficulty has reached its highest ever, reaching 86.39 trillion hashes just over a week before the upcoming halving event. The proof-of-work mining model is responsible for this, as it transforms data into code that powerful computers cannot decipher. As part of the process, miners generate hashes, and longer hashes require more computing power to participate in mining, thereby enhancing the network’s security. Bitcoin’s difficulty rate has been gradually increasing since the start of the year, with slight dips.
The halving event, a quadrennial event that will cut Bitcoin miner rewards in half, is expected to lead to greater scarcity in the amount of coins on the market. Miners will have to work harder, requiring the strongest and most efficient operations in the industry to keep the network running. The price of Bitcoin now stands at just above $70,000 per coin, according to CoinGecko.
The anticipated halving event on April 20 coincides with the improved security. As the price of Bitcoin rises and more people flock to the network, it should become stronger.
(With inputs from Shikha Singh)
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