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IPFS News Link • Bitcoin

Bitcoin Difficulty and Hashrate Reach Record Highs as Halving Draws Closer

•, by Jamie Redman

This escalation in difficulty will make it increasingly challenging to mine blocks as the fourth halving event nears, with fewer than 1,250 blocks remaining until block 840,000 is mined.

Block 838,656 Marks Highest Bitcoin Network Difficulty Amid Countdown to Halving
As of April 10, the difficulty of mining a block has intensified by 3.92% following the most recent adjustment. Concurrently, Bitcoin's network hashrate also attained its highest level ever, as indicated by the seven-day simple moving average (SMA) metrics, which shows a peak of 641 exahash per second (EH/s). This uptick was due to block intervals shortening to less than 9 minutes on April 9, quicker than the typical 10-minute average.

Even after the latest difficulty adjustment, block times continue to be swift, with the most recent block being mined in just 9 minutes and 17 seconds. At the current block height of 838,751, roughly 1,249 blocks remain until the halving. The next difficulty retarget is slated for after the halving on April 24, approximately 1,921 blocks away. To date in April, miners have collected $686.87 million from mining activities, with $22.9 million of this total derived from transfer fees.

At this moment, an impressive 57 entities are contributing SHA256 hashrate towards the Bitcoin blockchain. Foundry USA and Antpool lead in hashrate contributions, with Foundry delivering 176.74 EH/s and Antpool contributing 150.3 EH/s over the past three days. Consequently, 27.73% of all blocks mined are attributed to Foundry, while Antpool accounts for 23.58%. Viabtc, F2pool, Binance Pool, and SBI Crypto follow in their lead, actively participating in the mining landscape.

As the countdown to Bitcoin's fourth halving ticks closer, the mining landscape is tightly contested, reflected by rising difficulty levels and strong hashrate contributions from top pools. The latest surge underscores the enduring allure and competitive nature of mining BTC, even as participants brace for the implications of the upcoming halving. The evolving dynamics within the network hint at a transformative phase for the blockchain, potentially reshaping miner strategies and market sentiments as the pivotal block 840,000 approaches.