Bitcoin Mining Difficulty Hits Record High as Hashrate Surges During U.S. Elections

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Cryptodnes2024/11/05 16:00

By:Cryptodnes

Bitcoin mining has reached an unprecedented level of difficulty, exceeding 100 trillion, coinciding with the U.S. election day.

On November 5, mining difficulty increased by 6.24%, reaching 101.65 trillion at block height 868,896. This marks the 23rd adjustment of 2024, with 14 increases contributing to an overall 40% rise in difficulty this year.

In addition to this uptick, the hashrate—the total computational power of the Bitcoin network—has also reached new heights, averaging about 730 exahashes per second (EH/s) over the past week.

While a higher hashrate boosts network security, it also makes mining more challenging, necessitating that miners invest in more advanced and energy-efficient technology to stay competitive.

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As reported by CoinShares, the average cost to produce a single Bitcoin for publicly traded mining firms rose to around $49,500 in Q2, up from $47,200 in Q1. Despite this, with Bitcoin currently priced around $69,000, many miners are still able to sustain profitable operations.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Cryptopolitan•2025/02/02 19:22