Mining Bitcoin Harder Than Ever As Difficulty Reaches 86 Tln Hashes Ahead Halving

Bitcoin miners rush to mine as many coins as possible ahead of the BTC halving, birthing a remarkable rise in mining difficulty.
By Coingape Staff
Bitcoin Halving Hype Spurs Investors' 2X BTC Leveraged ETF Bet

Highlights

  • Bitcoin miners rush to mine as many coins as possible ahead of the halving.
  • Bitcoin mining difficulty burgeons.
  • BTC price witnesses a flux.

In a riveting turn of events, Bitcoin mining difficulty recently reached unprecedented levels, hitting the 86.39 trillion hash mark ahead of the BTC halving. This primarily aligns with the sudden rise in Bitcoin miners rushing into mining as many coins as the 2024 halving approaches, resulting in higher hash rates that, in turn, offer higher network security.

Advertisement
Advertisement

BTC Mining Spikes Ahead Of Halving: What’s The Scoop?

Bitcoin miners race to mine as many coins as possible ahead of the upcoming halving, a four-year recurring event, since it significantly reduces rewards for mining new blocks. Miners anticipate this event negatively because it reduces the rate at which new BTC tokens are created. As a result, they try to accumulate as many coins as possible before the halving occurs, resulting in a spike in mining activity, as mentioned above.

Intriguingly, the rush of Bitcoin miners typically increases the overall hash rate of the Bitcoin network. This higher hash rate further enhances the network’s security by making it more difficult for any single entity to manipulate the blockchain or conduct malicious activities, adding a tint of optimism to the token.

Notably, Bitcoin mining’s difficulty gauges how hard and time-consuming it is to mine a new block or solve mathematical puzzles under Bitcoin’s proof-of-work (PoW) consensus mechanism. Further, BTC mining difficulty adjustment occurs every 2,016 blocks, or approximately every two weeks, as Bitcoin is programmed to self-adjust the difficulty level to maintain a target block time of 10 minutes.

Meanwhile, with the surge in mining difficulty, BTC’s price witnessed quite a flux in the past 24 hours.

Also Read: Bitcoin Options Expiry: How Traders Are Pricing For Bitcoin Halving

Advertisement
Advertisement

Bitcoin Price Flux: A Closer Look

As of writing, the Bitcoin token’s price noted a marginal 0.14% jump in the past 24 hours and is currently trading at $70,901. Notably, the token’s chart, per CoinMarketCap’s data, showcased a highly volatile movement over the past day, with 24-hour lows and highs of $69,571.81 and $71,256.24, respectively. This volatile movement aligns with the the rise in mining difficulty, as miners encounter burgeoning technical hurdles with the spike in miners partaking in this event.

Nonetheless, a tidal wave of optimism in the market persists with the upcoming BTC halving, as historical data fuels bullish sentiments on the token’s price action post-halving.

Also Read: Canada’s British Columbia Seeks To Block Bitcoin Mining Operations

Advertisement
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.