Bittime - The Bitcoin network made history again on Thursday (15/3) with a spike in mining difficulty ( Bitcoin Mining ) which reached 5.79%. This increase marks the fourth adjustment in 2024, bringing Bitcoin mining difficulty to an unprecedented high of 83.95 trillion. The next adjustment is expected to occur around March 27, 2024.
Bitcoin Mining Difficulty and Hashrate Surge
Bitcoin mining activity is now reaching unprecedented levels of difficulty. On March 15, the difficulty level reached a peak of 83.95 trillion. This adjustment occurs at block height 834,624, with approximately 1,960 blocks remaining until the next recalibration. Throughout 2024, four increases and two decreases in Bitcoin mining difficulty were recorded.
Along with the increase in difficulty, Bitcoin's computing power (hashrate) also shot to new highs. Based on the seven-day moving average (SMA), Bitcoin's hashrate reached a peak of 628 exahashes per second (EH/s) on March 12, 2024. Since then, the hashrate has decreased slightly to 624 EH/s.
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Bitcoin Mining Analysis Ahead of the 2024 Halving
Less than 5,500 blocks remain before Bitcoin's next "halving" event , where the block reward for miners is cut in half. This will have a significant impact on mining profitability, as block rewards will be reduced from 6.25 Bitcoins per block to 3.125 Bitcoins per block.
Miners will have to face two more difficulty adjustments before the halving, which is expected to occur around April 19, 2024. Increasing difficulty and decreasing block rewards are certainly challenges for Bitcoin miners.
Understanding Bitcoin Mining Dynamics
Bitcoin mining is a vital process in the world's largest cryptocurrency network. Miners race to solve complex mathematical problems to validate Bitcoin transactions and secure the network. In return, they receive rewards in the form of newly minted Bitcoins.
Bitcoin mining difficulty is automatically adjusted approximately every two weeks. This adjustment aims to keep the average time required to mine a block around 10 minutes. As the network hashrate increases (more computers participate in mining), then the mining difficulty will also increase. Conversely, if the hashrate decreases, then the mining difficulty will decrease.
Impact of Bitcoin Mining Difficulty
Increasing mining difficulty certainly has an impact on Bitcoin mining activity:
- Mining Profitability Decreases: Increasing mining difficulty makes the mining process more resource consuming. This can lead to a decrease in mining profitability, especially for miners with less efficient hardware.
- Mining Centralization: Increasing mining difficulty can encourage centralization of mining activities. Individual miners with limited hardware may be squeezed out, and large players with advanced, energy-efficient hardware will gain an even greater advantage.
- High Energy Consumption: The increasing hashrate of the Bitcoin network is also a concern. The Bitcoin mining process requires large electricity consumption. It is feared that the increase in hashrate will further increase global energy consumption.
BTC/USDT Bitcoin Price Today
Source: Bittime.com
On March 15, 2024, the price of Bitcoin BTC/USDT was at $67,968 per coin, down 7.28% in 24 hours.
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Halving and the Future of Bitcoin Mining
The upcoming halving event in April 2024 will certainly be a tough challenge for Bitcoin miners. The halving of block rewards will certainly impact mining profitability.
However, some parties believe that the halving could actually be an event that benefits Bitcoin in the long term. Halving can:
- Increasing Bitcoin Value: A decrease in Bitcoin supply is predicted to drive Bitcoin price increases in the future.
- Attracting New Investors: Halving can attract new investors to invest in Bitcoin.
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How to Buy Bitcoin (BTC) on Bittime
You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR . To be able to buy BTC/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Bitcoin (BTC) on Bittime.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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