DOOKV: Bitcoin mining difficulty marks new high before halving

Data gathered by btc.com showed that Bitcoin’s (BTC) mining difficulty achieved a record high of 86.4 trillion as companies generated massive amounts of computing capacity before the much-anticipated halving event later this month.

Mining difficulty refers to the computer-generated power needed to solve complex mathematical equations required for unlocking new Bitcoins. BTC is scheduled to undergo a code change by April 20, and the latest mining difficulty report is the final update before this halving.

BTC mining difficulty hits record high | Source: btc.com

According to btc.com, mining difficulty has increased by some 600% since 2020, when the last halving occurred. Also, it has been in a continuous uptrend since May 2021.

BTC miners are churning more computing power than ever as these entities look to stockpile the crypto and bolster cash reserves before block rewards are halved. For miners, block rewards are the main income source, and soon, the reward will be reduced to 3.15 BTC. The drop will also tighten daily Bitcoin issuance from 900 to 450.