Uncharted Territory: Bitcoin’s Mining Difficulty Reaches New Extremes

CN
4 hours ago

According to recent data, Bitcoin’s difficulty climbed to 95.67 trillion, reflecting a 3.94% increase. In other words, it’s now 3.94% tougher to mine BTC blocks than before the latest adjustment. This difficulty level means the mining process is 95.67 trillion times harder than when Bitcoin first launched in 2009.

The network regularly adjusts this figure to keep block production close to the ten-minute target. At this moment, Bitcoin’s difficulty has reached its highest point in the network’s entire history. What makes this difficulty adjustment particularly interesting is that the network’s hashrate remains well above the 700 exahash per second (EH/s) mark. According to Luxor’s hashrateindex.com, as of 8 p.m. Eastern on Oct. 23, the hashrate stands at 729.13 EH/s.

Despite this, mining BTC isn’t highly profitable at the moment, with the hashprice—representing the daily value of 1 petahash per second (PH/s)—at $45.85. This dip in hashprice follows a drop in BTC’s price, which slid below $67K and is down 1.5% today. As Bitcoin’s difficulty climbs and profitability wanes, the mining landscape may face increasing pressure. Miners must weigh the challenges of high costs against future rewards, making efficiency more critical than ever.

Presently, the leading five mining pools are Foundry USA, Antpool, Viabtc, F2pool, and Mara Pool. The next adjustment could bring more changes, and those committed to mining will need to stay adaptive in a market where conditions shift rapidly. At the current pace, Bitcoin’s mining difficulty will soon be at a whopping 100 trillion.

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