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Bitcoin gets harder to mine as Halving is a week away 

The difficulty of mining bitcoin has increased significantly ahead of the much-anticipated halving event. The block subsidy will be halved later this month, a crucial step towards achieving Bitcoin’s ultimate 21-million-coin supply cap. Furthermore, users attach transaction fees to their transactions, which miners collect to incentivize miners to include those transactions in the next block.  

 

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As a result, miners frequently get paid more in bitcoin than just the subsidy for processing a block. The next Bitcoin halving, which will lower the block reward from 6.25 to 3.125 BTC, is scheduled for April 19, 2024.  

The supply will rise by 164,250 bitcoins (from 19,687,500 to 20,671,875) during this halving period, also known as an epoch. This is just 328,124 bitcoins more than the maximum supply limit of 21 million 

The largest Wall Street institutions have accepted Bitcoin, and it never fails to pique the interest of regular investors. Crypto market observers, ranging from the jubilant to the bewildered to the unimpressed, are aware that this halving is imminent and that it must portend well for Bitcoin.  

This technical event, which occurs on the Bitcoin network approximately every four years, divides the cryptocurrency’s supply in half and produces a scarcity effect that elevates it to the status of “digital gold.”. Usually, it heralds the beginning of a fresh cycle and bull run, but this one is a little unique. 

Halving, however, differs from flipping an on/off switch at a set moment. It makes sense to believe that there won’t be much movement in the market on this day. Undoubtedly, speculators who may be betting on the event could likely cause volatility. According to CoinWarz’s most recent statistics, Bitcoin’s mining difficulty reached a record-breaking 86.39 trillion at its peak. It has risen by 3 points92 percent this past week and 8 points87 percent this past month. From the previous peak of 83 trillion, reached on March 28, this suggests a 3.4 percent increase. 

The hash rate of the Bitcoin network was discovered to be 626.56 EH/s, staying reasonably near its all-time high of 762 EH/s. The next adjustment to the Bitcoin difficulty is predicted to occur on April 24th, when the difficulty of mining Bitcoin is expected to increase from 86.39 trillion to 89.21 trillion at 1,919 blocks, according to CoinWarz data. 

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ABOUT THE AUTHOR See More
Olumide Adesina
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.
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