🚀 BTC Mining Difficulty and Network Hashrate Hit New Records!
posted 23 Oct 2024
Bitcoin’s mining difficulty increased by 3.9%, reaching a new all-time high. According to Mempool data, the seven-day moving average of the network hashrate also reached a record level.
You might also like: How Can a Miner Make Money Without Mining at All?
Bitcoin’s mining difficulty adjusts approximately every two weeks (after 2016 blocks), based on network power.
This mechanism is built into Bitcoin’s code to keep the network operating at a consistent speed, aiming to mine one block every 10 minutes, regardless of how many miners are supporting the blockchain at any given time.
Read more: How Mining Difficulty Affects BTC Prices
The Bitcoin network hashrate has also hit an all-time high, with the seven-day moving average reaching 723.6 EH/s.
This marks the first time the 700 EH/s threshold has been exceeded.
The hashrate changes as miners weigh the profitability of their work—whether the rewards they earn will outweigh the costs (such as electricity, equipment upgrades, maintenance, cooling systems, facility rentals, and staffing).
When more miners join the network, the algorithm raises the mining difficulty. When miners exit, the difficulty decreases to ensure that the remaining miners can maintain the network’s pace.
After the most recent Bitcoin halving on April 20 this year, the hashrate dropped to a low of 550.3 EH/s in June, which was directly tied to the halving event that cut the block reward in half—from 6.25 BTC to 3.125 BTC.
Smaller miners were likely forced out during this time, while larger players, with greater financial resources, began ramping up their hashrate once again.
The latest difficulty adjustment occurred at block height 866,880, with a peak of 95.7 trillion. The previous high of 92.7 trillion was set in early September.
You might also like: How Can a Miner Make Money Without Mining at All?
Bitcoin’s mining difficulty adjusts approximately every two weeks (after 2016 blocks), based on network power.
This mechanism is built into Bitcoin’s code to keep the network operating at a consistent speed, aiming to mine one block every 10 minutes, regardless of how many miners are supporting the blockchain at any given time.
Read more: How Mining Difficulty Affects BTC Prices
The Bitcoin network hashrate has also hit an all-time high, with the seven-day moving average reaching 723.6 EH/s.
This marks the first time the 700 EH/s threshold has been exceeded.
Bitcoin Mining Difficulty and Network Hashrate. Source: mempool.space
According to estimates, the last Bitcoin is expected to be mined around the year 2140.
The hashrate changes as miners weigh the profitability of their work—whether the rewards they earn will outweigh the costs (such as electricity, equipment upgrades, maintenance, cooling systems, facility rentals, and staffing).
When more miners join the network, the algorithm raises the mining difficulty. When miners exit, the difficulty decreases to ensure that the remaining miners can maintain the network’s pace.
After the most recent Bitcoin halving on April 20 this year, the hashrate dropped to a low of 550.3 EH/s in June, which was directly tied to the halving event that cut the block reward in half—from 6.25 BTC to 3.125 BTC.
Smaller miners were likely forced out during this time, while larger players, with greater financial resources, began ramping up their hashrate once again.
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