- On March 14, bitcoin’s mining difficulty surged to an unprecedented level of 83.95 trillion hashes, indicating a staggering 83.95 trillion times increase in mining complexity since its inception in 2009.
- Simultaneously, bitcoin achieved a new all-time high price of $73,835 on the same day, driven by optimistic market sentiment preceding the upcoming April halving event.
- This surge in difficulty represents a significant 5.8% uptick from the previous measurement of 79.35 trillion recorded on February 29, with forecasts from BTC.com projecting a slight rise to 84.17 trillion by the upcoming March 27 difficulty assessment.
OUR TAKE
Bitcoin mining difficulty hits 84 trillion ahead of halving. The surge indicates increasing confidence in bitcoin’s long-term value proposition, as evidenced by its continued upward trajectory in price. Moreover, the anticipation surrounding the upcoming bitcoin halving event has further fueled market optimism. For miners, the surge in mining difficulty brings opportunities. The bullish market sentiment and rising bitcoin prices have resulted in record-high mining rewards, with miners reaping the benefits of their investment and efforts.
–Sylvia Shen, BTW Reporter
On March 14, the mining difficulty of bitcoin reached an unprecedented level of 83.95 trillion hashes. This indicates that the process of mining a single bitcoin has become 83.95 trillion times more challenging compared to its inception in 2009.
Bitcoin price soars amid record mining difficulty increase
On the same day that the new difficulty high was set, the price of bitcoin reached a new all-time high of $73,835 due to positive market confidence ahead of the April bitcoin halving.
This new surge marks a 5.8% increase from the previous measurement of 79.35 trillion on February 29.
Based on BTC.com’s prediction, the difficulty is anticipated to see a slight rise to 84.17 trillion at the upcoming difficulty assessment scheduled for March 27.
Also read: Could quantum computing pose a threat to bitcoin?
Also read: 7 things you need to know about the bitcoin halving
Bitcoin’s price surge boosts mining profits
In the meanwhile, miners are profiting as the price of bitcoin has maintained its upward trajectory.
On March 11, mining rewards reached a record high of $78.89 million, above the previous high of $74.4 million set in October 2021. This happened on March 12, when bitcoin reached $72,953 before dropping back to $69,655.
Experts in the cryptocurrency space have credited the impending halving event scheduled for mid-April for bitcoin’s consistent rise that began in Q4 2023 and has continued through Q1 2024 thus far.
