Signs of a thriving Bitcoin network: all-time high hash rate and difficulty ahead of 2024 halving

Quick Take

Bitcoin’s underpinning infrastructure is demonstrating remarkable resilience as it approaches the next halving event, projected for April 21, 2024, with under 28,000 blocks to go at the prevailing run rate.

The recent completion of another difficulty epoch in an expedited 9:22 minutes has triggered a difficulty adjustment exceeding 6.5%. Notably, this indicates the fourth largest positive adjustment of 2023, a year that has seen only six negative adjustments.

The robust stability of the mining community is thus underscored. The hash rate, a crucial measure of the computational power committed to Bitcoin transactions, along with the difficulty metric, estimating the complexity of mining new blocks, have both hit all-time highs.

The 14-day moving average hash rate is recorded at 440 eh/s. Yesterday, on Oct. 15, the hash rate experienced an unprecedented surge of over 8%, marking the most significant one-day increase since February.

These data points collectively portray a thriving, optimally functioning Bitcoin network as it gears up for the impending halving event.

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