Bitcoin Mining Difficulty Hits New High Ahead of May 2020 Halving Event

Bitcoin's mining difficulty level has hit a new high, making it more challenging for miners to find new blocks.

The mining difficulty is adjusted every 2 weeks to maintain an average block time of 10 minutes. Higher difficulty indicates more miners are joining the network.

Some experts believe the increase in mining activity is due to miners maximizing returns before the next Bitcoin halving in May 2020.

After the halving, block rewards will be cut in half, significantly reducing mining revenue. There may be a rush to connect new mining machines before then.

The increased difficulty could also reflect miners' concerns over rising energy prices diminishing profits. Regional tensions may drive energy costs higher.