Record Bitcoin Mining Difficulty and Production Kick-off 2024

By: Eliza Bennet

In Brief

Bitcoin mining kicked off 2024 with a record-setting mining difficulty increase to 73.20T, an unprecedented 1.65% increase from the previous year. Miners are expected to remain active ahead of the halving event scheduled this April. Meanwhile, in December 2023, Marathon Digital Holdings set its personal best by mining 1,853 Bitcoin - the highest figure in a month, surpassing its own record by more than 300 BTC.

Despite a marginal decline in the Bitcoin network's hash rate, the overall trend confirms a robust network security and miner confidence, due to the correlation of higher hash rates and mining difficulty with increased miner participation and a secure network. Bitcoin miners are projected to keep a steady pace of mining, capitalizing on the remaining block rewards of this cycle.

In other news, Florida-based Bitcoin miner Marathon Digital Holdings reported an impressive 56% increase from November and a 290% jump from December 2022 in Bitcoin mining. This massive production record surpasses their previous best, evidencing the steady and remarkable growth in the Bitcoin mining sector.

Both these major events signal the strong momentum in Bitcoin mining as we move further into 2024.