Bitcoin Mining Difficulty Exceeds 80 Trillion: Could the Coming Halving Be Having an Impact?

Crypto News – On Friday, February 16, the Bitcoin mining difficulty—a measure of how tough it is to solve the mathematical problem connected with a block—passed 80 trillion.

Bitcoin Mining Difficulty Exceeds 80 Trillion: Could the Coming Halving Be Having an Impact?

According to BTC.com, the network’s hash rate—which gauges the combined processing power of the miners—reached 562.81 exahashes per second (EH/s), while the mining difficulty reached a record 81.73 trillion. Since January 2023, the difficulty of mining Bitcoin has been increasing significantly, and in the coming months, it is predicted to reach 100 trillion.

When Bitcoin’s automated readjustment occurred on February 15, the mining difficulty was predicted to rise by 6%. If it materializes, it will push the difficulty to new all-time highs and surpass 80 trillion for the first time, according to statistics from monitoring portal BTC.com.

Upcoming Bitcoin Halving May Affect Hash Rates

The Bitcoin halving, which will occur in late April, will reduce the mining incentives for Bitcoin by half. The reduction was built into the token’s structure about every four years by Bitcoin’s engineers as a way to combat inflation. May 2020 saw the most recent halving of the Bitcoin mining incentive.

During the impending halving, the incentives for Bitcoin will drop from 6.25 BTC to 3.125 BTC. As less productive miners find it difficult to recoup their expenses and quit, this modification may lead to a decrease in the hash rate. The Bitcoin network strives to maintain a consistent block creation every 10 minutes, so a lower hash rate is likely to result in a lower level of mining difficulty.