Bitcoin's mining difficulty experienced its fourth adjustment of 2024 on Thursday, block 830,592, with a sharp 8.24% increase to a new all-time high of 81.73 trillion. This is the largest single jump so far this year, surpassing the 7.33% rise recorded two weeks prior.
Difficulty Adjustment: A Historic Leap
The latest retarget tightens the valid hash target range, making it significantly harder for miners to find new blocks. The 8.24% climb follows a pattern of consistent increases: three of the four adjustments in 2024 have been positive. The new difficulty level of 81.73 trillion means miners must solve a much narrower set of hash values against an immense total range.
Hashrate and Pool Landscape: Foundry Dominates
Despite the difficulty spike, the network's total hashrate remains steady at 570 EH/s. Based on data from the past three days, Foundry USA leads with 34.25% of the network hash power, averaging 195.43 EH/s. Antpool follows with 26.26% (149.83 EH/s), while Viabtc, F2pool, Binance Pool, and Mara Pool round out the top six. Around 56 mining pools currently contribute to the Bitcoin network.
Hash Price Declines, Miner Revenue Pressure
The hash price—which measures the value of 1 PH/s per day—has dropped to $83 from Wednesday's peak of $91. This decline suggests that while computational power remains high, short-term returns per unit of hashrate have weakened. The next difficulty adjustment is scheduled for February 28, 2024, with approximately 1,987 blocks remaining.
Implications for Miners and Ecosystem
The dramatic difficulty increase underscores Bitcoin's escalating security and competitive environment. Larger mining pools with access to advanced ASICs and cheap electricity are better positioned to weather the tougher conditions. Smaller and home-based miners may face heightened pressure. As the community approaches the next halving event, future difficulty adjustments will be critical, potentially reshaping Bitcoin's economic incentives and its appeal to investors.
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