Bitcoin Mining Difficulty Reaches New High Above 108 T

Following the latest adjustment, the difficulty of mining the leading cryptocurrency increased by 4.43%, reaching a record 108.52 T.

The average hash rate over the past two weeks was 772.2 EH/s. The interval between blocks increased to over 11 minutes, indicating a potential reduction in difficulty at the next adjustment.

According to Glassnode, the smoothed 7-day moving average of the network’s computational power reached a peak of 801.1 EH/s on December 14. At the time of writing, it had retreated to 796 EH/s.

Data from Hashrate Index shows that the hash price recovered to $64.5 per PH per day as Bitcoin reached a ATH above $106,000. The increase in difficulty and a slight correction in the cryptocurrency’s price pushed the figure down to $62.3.

In November, miners’ total revenue amounted to $1.21 billion, with fees accounting for just $38.7 million or 3.2% of the total (The Block). For comparison, revenue in March—the last month before the halving—reached $2.1 billion with network fees totaling $85.8 million.

Earlier in November, analysts at JPMorgan noted a 29% increase in Bitcoin mining profitability.