Bitcoin’s Mining Difficulty Gets Near Its All-Time High Ahead of the Halving
Bitcoin’s mining difficulty was just adjusted and it’s now at 16.10 trillion (T), close to its all-time high of 16.55 T recorded in March, ahead of the so-called ‘Black Thursday’ market crash.
The adjustment was the final rate change before bitcoin’s halving event, which will cut block rewards from 12.5 BTC to 6.25 BTC per block, effectively reducing the amount of new BTC entering the market from 1,800 to 900 per day.
Bitcoin’s mining difficulty adjusts itself every 2016 blocks, or roughly every two weeks, based on the competition between miners during each cycle. The adjustment is made so blocks keep being found every 10 minutes.
The recent adjustment comes after blockchain data shows that over the last seven days the average hashing power connected to the network moved from 119 EH(s to 125 EH/s, as miners are likely turning back on old mining rigs that are again profitable thanks to BTC’s price recovery to flirt with the $9,000 mark.
