Bitcoin Difficulty Aims for All-Time High after Hashrate Surge

Bitcoin’s mining difficulty is estimated to set yet another new record in approximately 27 hours, following a recent surge in network hashrate.

Data indicates that Bitcoin’s seven-day moving average hashrate rose to 724 EH/s on Monday, which accelerated the average block production interval over the past 13 days to 9 minutes and 35 seconds, surpassing the previous record of 700 EH/s reached in early September.

Consequently, the network’s difficulty is set to adjust at block height 866,880 with an estimated increase of 4.7%, reaching over 96 trillion.

Bitcoin’s hashprice, the daily dollar revenue per unit of hashing power, recently spiked to over $50/PH/s due to renewed market enthusiasm and increased on-chain activities.

However, with the cooling down of transaction fees, the hashprice has dropped to $48/PH/s, and the anticipated difficulty increase will likely reduce it further to $45/PH/s unless Bitcoin’s market price continues to rally beyond $70,000.

As previously reported, 16 publicly listed Bitcoin mining companies collectively produced a record 25% of the total Bitcoin rewards in September, indicating their growth in realized hashrate capacity, which has heightened Bitcoin’s mining competition.

It seems that they’ve been deploying more machines since October, as the hashrate connected to Foundry USA Pool has reached a record level of 224 EH/s.