On September 11, 2024, Bitcoin mining difficulty reached a record high, increasing by 3.58% to a level of 92.67 T. This event is connected to the ongoing rise in activity among miners. The average Bitcoin network hashrate remains at 616.13 EH/s, a key metric for assessing the total computational power used in mining cryptocurrency. The higher the hashrate, the more challenging mining becomes.
Mining difficulty directly impacts the timing of the next halving, which could occur sooner if miner activity continues to grow. The last halving took place on April 20, 2024, and the next difficulty adjustment is expected on September 25, 2024. According to forecasts, the difficulty may decrease by 0.38%.
It’s worth noting that in August 2024, Bitcoin miners’ profitability hit an all-time low, with rewards amounting to $43,600 per exahash per second (EH/s) in daily block rewards.
