Bitcoin mining difficulty has reached a new all-time high of 86.4 trillion before the upcoming halving event, where miner rewards will be cut by 50%. The recent adjustment on April 10 increased the difficulty by 3.4% from the previous level. This adjustment is likely the final one before the halving, with the next one expected in 13 days. The halving itself is set to occur in eight days. The mining difficulty is a measure of how challenging it is to mine new blocks under Bitcoin's PoW consensus mechanism. The difficulty adjusts every 2,016 blocks to maintain a 10-minute block time. The hash rate has also increased significantly, reaching 696 EH/s on April 10. Analysts predict a potential drop in hash rate post-halving in 2024, with up to 20% of current hash rate going offline. Read more AI-generated news on: https://app.chaingpt.org/news
