Last batches of BTC before reduction. THE process halving of bitcoin which takes place approximately every 4 years (every 210,000 blocks transactions to be exact) will see block reward (offered to minors to verify transactions) be divided by two. In less than ten days, therefore, minors will not receive plus 6.25 BTC but only 3.125 BTC for a verified transaction block. It seems that a real race against time has begun enjoy the last blocks before this reduction by two.
Computing power (hash rate) to bitcoin pushed to the max!
A decentralized blockchain network bitcoin (BTC), launched on January 3, 2009 by the company Satoshi Nakamotobases its transaction verification consensus on Proof of work (PoW). So, minors provide computing power (hash rate) of their computing machines hope to be verify the block first transactions, enabling them reach 6.25 bitcoins (for now still) from the block reward.
This computing power makes it possible secure BTC blockchain network because more this hash rate is important and the more difficult it will be for a bad actor to carry out attacks. It even happened with Bitcoin technically impossibleunless you are perhaps one of the most powerful states on the planet (and investing very large resources).
And from mid-March 2024 hash rate bitcoin explodes its previous historical records. So according to data from blockchain.com, the blockchain network would be around 625 PE/s (exahash per second) hash rate (see graph below).
A few days from halvingminers scramble and blow up mining difficulty
A consequence of that tough competition between miners before their bitcoin reward is halved, mining difficulty also breaking records. Yet, according to data from blockchain.com, it has this difficulty exceeded 83 terraceswith even a peak at almost 84 Teras just after mid-March.
This mining difficulty edits depending on the computing power put into the BTC network. So approximately every two weeks (every 2,016 blocks transactions) when hash rate increases, so does the difficulty (and vice versa if the hashrate decreases). So it never was too hard than today to verify a block of transactions.
Latest block rewards of 6.25 BTC tear away furiously among minors in the last days preceding 4Thursday halving bitcoin network (the latter comes from May 11, 2020). On the other hand, after this phenomenon occurs, we should see quickly reduction of computing powerat least a little because some of the minors least effective they shut down their computing machines when they can no longer be profitable. Mining difficulty will also decrease gradually with a delay of approximately two weeks. Bitcoin’s decentralized network is incredible precision engineeringwhich is constantly modified to ensure its proper function and its sustainability.