Two key metrics of bitcoin’s mining activity – difficulty and hashrate – have both reached near all-time highs ahead of the halving event.
The increase in mining difficulty in today’s final adjustment before the halving suggests that more miners have joined the race. The halving, which will see mining reward per-block reduce from 12.5 BTC to 6.25 BTC, is expected to occur next week on May 12.
Bitcoin’s hashrate, or the network’s processing power, also suggests increased mining activity. The total hashrate has risen to over 116 million TH/s (tera hashes per second) as compared to around 95 million TH/s in late March.
A recent rebound in bitcoin’s price could be the reason why more miners are jumping in the game. Bitcoin has sharply recovered from the Black Thursday crash in mid-March, from around $3,800 levels to current over $9,000 levels.
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