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Bitcoin mining difficulty reached a new historical peak on March 14th with 83.95 trillion hashes. The new difficulty level was set on the same day as the all-time high Bitcoin price of $73,835, amid increasing investor sentiment before the Bitcoin halving event in April. Mining difficulty is a measure of how difficult it is to mine Bitcoin, which involves solving cryptographic puzzles that increase or decrease in complexity depending on the number of miners in the network.
What’s Happening on the Bitcoin Front?
Bitcoin, on February 29th, reached a new difficulty level of 83.95T hash, a 5.8% increase compared to the previous measure of 79.35T hash. With a speed of 613.94 exahash (EH/s) per second, there was a 1.96% increase from the previous cycle’s 602.14 EH/s.
As previously discussed, mining difficulty surpassed 80T on February 15th, just over a month before the February 29th update, which saw no decrease. According to BTC.com’s predictions, the next difficulty adjustment set for March 27th is expected to see a slight increase to 84.17T.
Meanwhile, Bitcoin’s price movement continued its upward momentum, benefiting miners. Mining rewards rose to $78.89 million on March 11th, surpassing the previous high reward level of $74.4 million set in October 2021. This occurred as Bitcoin reached a level of $72,953 before retreating to $69,655 on March 12th.
The March 14th movement showed a retreat immediately following a surge to a new ATH-like level; the day’s rally led Bitcoin to rise to $73,835 before falling to $69,813.
Bitcoin and the Halving Process
Cryptocurrency sector analysts and experts have linked Bitcoin’s steady growth throughout the fourth quarter of 2023 and its continuation into the first quarter of 2024 to the halving event planned for mid-April.
Halving is a period when the block reward for Bitcoin mining will be halved from 6.25 Bitcoin to 3.125 Bitcoin. The first halving occurred on November 28, 2014, reducing rewards from 50 Bitcoin to 25 Bitcoin. The second took place on July 9, 2016, with rewards dropping from 25 Bitcoin to 12.5 Bitcoin. The most recent halving event happened on May 11, 2020, when block rewards were reduced to 6.25 Bitcoin.
