Glassnode: Bitcoin’s Mining Difficulty Hits a Lifetime Record, BTC Miners Still ‘Under Immense pressure’

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Bitcoin’s difficulty rose to 0.51% at block height 764 064. This was after the recent decline of 0.20% two weeks ago. The difficulty rating has reached an all-time high of 36.76 trillion, now at 36.95 trillion.
Bitcoin Difficulty Hits All-Time High at 37 Trillion, Leading Crypto Asset’s fiat value sinks lower
Today, it is 0.51% harder to find Bitcoin (BTC), block reward than it was in the last two weeks. This is despite there being 2,016 blocks processed. The difficulty has risen to 36.95 trillion over the previous record set on Oct. 23, 2022. Block intervals of nine minutes and 58 seconds were the reason that this retarget saw difficulty rise. The average hashrate of the last 2,016 blocks was 264.3 exahash per minute (EH/s).

Sunday’s global hashrate was at 261.29 EH/s. Eight days ago, on Nov. 12, 2022 at block height 762.845, Bitcoin’s havehrate reached an all-time high of 347.16EH/s. The next difficulty adjustment will be due around Dec. 4, 2022. The current block generation time after the change is nine minutes 26 seconds. The difficulty change is bad news for bitcoin miners, and BTC’s current fiat currency isn’t helping them either.

Hash Price per Exahash Slides: Bitcoin Miners Use 8.25K Bitcoin to Shore Up’ Balance Sheets
Bitcoin’s current value has fallen more than 76% from its all-time high of Nov. 10, 2021. Glassnode, an onchain analysis firm, explained that the bitcoin miner’s hash price had fallen to a record low on November 18, 2022. Glassnode tweeted, “[Bitcoin] miners hash price has fallen to a new all time low of $58.3k an exahash per hour.” The firm also stated that “bitcoin prices are down more than 76% since the peak, and the mining industry is still under tremendous pressure.”

Glassnode’s tweet has seen the hash price per Exahash drop even further on Nov 20. “Bitcoin miners distributed an additional 8.25K [bitcoin] last week to strengthen their balance sheets after news of the FTX collapse broke. Glassnode said that this leaves approximately 78K [bitcoin] in miner treasures and erases any balance growth in 2022.” On Sunday, three-day statistics showed that Foundry USA was the top mining pool with approximately 71.76 EH/s (or 27.36% of global hashrate).
Antpool’s 46.43EH/s, F2pool’s 40.40EH/s and Binance Pool’s 37.99EH/s follow Foundry. Viabtc, Braiins pool, and Foundry are closely followed by F2pool and Antpool. 13 mining pools are known to dedicate hashrate to BTC chains. Unknown hashrate, also known as stealth miners or hashrate smugglers, control 2.76% of global hashrate, or 7.24 EH/s. 435 bitcoin blocks were successfully mined by miners, which amounts to 2,718.75 newly minted BTC valued at $44 million and the fees associated.
What do you think of Bitcoin’s mining difficulty increasing by 0.51% on Sunday night? Please comment below to let us know your thoughts on this topic.