Bitcoin kicks off 2024 with a mining difficulty increase to record 73.20T

Quick Take

On Jan. 6, 2024, Bitcoin recorded its first mining difficulty adjustment of the year, posting a 1.65% increase. This increment pushes Bitcoin’s total difficulty to an unprecedented 73.20T.

Last year witnessed a mere seven negative adjustments, a testament to the significant upsurge in hash rate observed during the year. As the industry braces itself for the impending halving event in April, the trend is anticipated to persist. Miners are expected to stay connected and actively mining to capitalize on this cycle’s remaining block rewards.

Meanwhile, the network’s hash rate, an indicator of the processing power or the level of mining activity on the Bitcoin network, has shown a marginal decline. Having peaked at 545 eh/s on Jan. 4, the 7-day moving average is near all-time highs at 518 eh/s. Despite this minor dip, the overall trend signifies robust network security and miner confidence, as higher hash rates and difficulty levels typically correlate with increased miner participation and a more secure network.

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