Bitcoin Miners Face Tough Challenge as Mining Difficulty Surges 2% After Halving
Following the fourth halving, Bitcoin has seen its first difficulty adjustment, resulting in a 1.99% increase and pushing the mining difficulty to an all-time high. The network’s difficulty level has risen from 86.39 trillion to a new level of 88.10 trillion.
As of block 840,672, which took place on Wednesday at 10:51 a.m. EDT, Bitcoin mining has become more demanding. The difficulty now stands at a peak of 88.10 trillion, meaning that the hash of an accepted block must meet an extremely low target value within a wide range of potential hash values.
After the fourth halving at block 840,000, the difficulty increased by 1.99% at block 840,672, which occurred 672 blocks later. The next adjustment in difficulty is expected around May 8, 2024. Initially, the hash price reached a high of $182 per petahash per second (PH/s) per day, but it later dropped to $74 per PH/s just two days before.
However, the hash price has since risen to $92 per petahash. Currently, miners are earning slightly less per petahash compared to pre-halving rates, which ranged between $100 and $110 per PH/s. Additionally, with the recent difficulty adjustment, the task of finding a block has become more challenging than ever.
The increasing trend in mining difficulty highlights the strength of Bitcoin’s network security, but it also presents significant challenges for miners. As computational requirements continue to rise, miners are forced to upgrade their equipment to stay competitive. This ongoing change has a significant impact on Bitcoin’s mining landscape and could affect miner profitability and participation rates as trends progress.
What are your thoughts on Bitcoin’s network difficulty rising by 1.99% on Wednesday? Feel free to share your opinions in the comments section below.
