Difficulty of bitcoin mining
which is a measure of how difficult it is to earn a block bonus, has reached its highest level in a recent network setup seven days before Halving.
The world's largest blockchain network set its mining difficulty in terms of market value on Tuesday at 16.10 trillion, which is close to the record of 16.55 trillion.
It is expected that after Halving, which will reduce the amount of freshly extracted bitcoins from 1800 to 900 coins, the computational power of the #Bitcoin network will be significantly reduced.
The difficulty of bitcoin mining is set to every 2016 block or almost every 2 weeks.
If more people participate in mining, the difficulty of mining will increase in the next setting. If computational power is reduced, mining difficulty will also be reduced.
The recent difficulty was adjusted after the unusual extraction of Bitcoin blocks last week, during which 16 blocks were extracted in less than an hour. According to Kevin Desk, this rapid production of the block could be a sign that the level of difficulty was very low.
This indicates that the sharp increase in the computing power of the network over the past week has contributed to the growth of mining difficulty.
The increase in computing power over the past week has been accompanied by an increase in the price of Bitcoin from 7,500$ to 9,000$ in two days.
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