Bitcoin Mining Difficulty Reaches New Peak

Following the latest adjustment, the difficulty of mining the leading cryptocurrency has risen by 3.94%, reaching a record high of 95.67 T.

The average hash rate since the previous adjustment was 688.3 EH/s, with the interval between blocks nearly matching the algorithm’s set 10 minutes.

According to Glassnode, on October 21, the network’s computational power, smoothed by a 7-day moving average, peaked at 723.4 EH/s before adjusting to 713 EH/s.

Data from Hashrate Index indicates that over the past 24 hours, the hash price fell by approximately 4% — from $48.5 per PH per day to $46.6. With Bitcoin prices and the share of fees in revenue remaining relatively stable, the change in difficulty was the sole pressure on mining profitability.

According to The Block, the 7-day moving average of daily miner revenue rose to approximately $33.5 million on October 21 amid a Bitcoin rally. However, network fees accounted for less than 10% of this total, amounting to around $2 million.

Earlier in October, the hash rate of 14 publicly listed mining companies in the US reached a record 28.9% of the total.