Bitcoin Mining Difficulty Hits Record High Ahead of Halving

On Friday, the Bitcoin mining difficulty, indicating the challenge of solving block-related mathematical problems, surpassed 80 trillion. 

According to BTC.com, the hash rate, which indicates the combined computational capacity of miners, rose to 562.81 EH/s, establishing a fresh milestone with a mining difficulty of 81.73 trillion.

Image Source: BTC.com (Bitcoin Mining difficulty as of Feb 17)

The Bitcoin mining algorithm difficulty is a mechanism that automatically adjusts every 2,016 blocks every two weeks to ensure that new blocks are generated roughly every 10 minutes and the more miners participate, the more difficulty increases and vice-versa.

Over the past year, this difficulty has more than doubled, indicating the escalating demand for computing power and energy among miners. 

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