On Dec. 23, 2023, Bitcoin’s mining difficulty soared to a record level at block height 822,528. The difficulty surged by 6.98%, marking the most substantial escalation in nine months, since March 23. This increment set a new precedent, making the discovery of block rewards more arduous than ever with a difficulty hitting an unprecedented 72.01 trillion.
Bitcoin’s Mining Difficulty Soars to Historic 72 Trillion
The ascent in mining difficulty signifies a considerable leap, climbing from 67.30 trillion to a strenuous 72.01 trillion. This metric of Bitcoin’s mining difficulty is defined by a specific target hash value that miners aspire to attain.
Essentially, with a difficulty level of 72 trillion, miners are tasked with generating a hash value beneath this threshold to successfully mine a new block. Post this 6.98% rise, it’s anticipated that the next difficulty adjustment will be around Jan. 5, 2024.
Coinciding with the spike in difficulty, the network’s hashrate has reached
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