Bitcoin mining difficulty sets new high pre-halve.
Bitcoin mining difficulty experienced another correction before Bitcoin halved, hitting a new all-time high of 86.4 trillion, according to BTC.com data.
The latest correction on April 10 increased Bitcoin mining difficulty by 3.4% from the 83 trillion difficulty level set on March 28.
Bitcoin (BTC) mining difficulty continues to rise ahead of its historic halving, which is set to reduce mining rewards by 50%.
The latest fix to Bitcoin's mining woes may be the last before it halves.
According to BTC.com, the next Bitcoin mining problem correction will happen in 13 days, or around April 24. Meanwhile, the halving of Bitcoin is expected to happen in eight days on April 19, according to M2 data.
Bitcoin mining difficulty measures how difficult and time-consuming it is to mine a new block or solve mathematical puzzles through Bitcoin's proof-of-stake (PoW) consensus mechanism.
BTC mining difficulty adjustment occurs every 2,016 blocks or roughly every two weeks.
The mining difficulty is directly based on the hash rate of the Bitcoin blockchain, this unit is used to calculate mining operations to produce new BTC.
In line with the increasing difficulty of Bitcoin mining, according to BTC.com, BTC hash rate has seen a recent spike from 619 exahashes per second (EH/s) on March 28 to 696 EH/s on April 10.
Related: Bitcoin Miners May Be ‘Afraid' of Half, But They Care Too
According to data from BitInfoCharts, Bitcoin's hash rate hit an all-time high of 727.9 EH/s on March 24.
Some analysts predict that the BTC hash rate may slow after the upcoming Bitcoin halving in 2024.
According to Galaxy Mining analysts, up to 20% of Bitcoin's hashrate may be offline after the Bitcoin halving, as many miners may shut down their mining rigs due to reduced efficiency.
The analysts estimate that by the end of 2023, more than 70% of Bitcoin's hash volume will be mined by eight ASIC miners.
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