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Bitcoin mining difficulty hits record high at 101.6T

Bitcoin mining difficulty hits record high at 101.6T

GrafaGrafa2024/11/06 11:00
By:Mahathir Bayena

Bitcoin’s (CRYPTO:BTC) mining difficulty has surpassed 100 trillion, reaching 101.65 trillion with a 3.94% increase.

This unprecedented level highlights the growing complexity miners face in adding blocks to the Bitcoin blockchain, demanding an enormous computational effort.

Difficulty adjusts approximately every two weeks, or after 2,016 blocks, depending on how swiftly miners completed the previous cycle.

If blocks are mined faster than the 10-minute target, difficulty rises; if slower, it drops.

This mechanism ensures consistent Bitcoin supply and reinforces network security.

The recent spike to 101.65 trillion means miners now need over 101 trillion hashes to uncover a single block, reflecting heightened competition and increased computational power within the network.

This complexity strengthens Bitcoin’s security by creating a higher barrier against attempts to alter the blockchain, requiring immense processing power for block additions.

As of November 5, the Bitcoin network’s hashrate, which measures computational power, reached a stable 724.07 exahashes per second (EH/s) after peaking at 766 EH/s on November 1.

This peak marked an all-time high, though the recent drop of 42 EH/s signifies that miners are adjusting to the new, challenging environment.

Hashprice—the projected value per petahash per second of computing power—rose to $44.03 from a recent low of $42.50, while Bitcoin’s price held steady above $70,000.

Amid these conditions, miners are pushed to innovate to remain competitive.

At the time of reporting, the Bitcoin price was $69,730.53.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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