Glassnode Says BTC Miners Still Under “Extreme Pressure” as Bitcoin’s Difficulty Hits Record High

On Sunday, November 20, 2022, Bitcoin’s difficulty increase erased the last 0.20% drop recorded two weeks ago, as the difficulty indicator increased by 0.51% at block height 764,064. Sunday’s increase pushed the difficulty rating to a new all-time high, from 36.76 trillion to the current 36.95 trillion.

Bitcoin’s difficulty hits record high nearing 37 trillion, causing fiat value of crypto assets to drop

Today, the difficulty of finding a bitcoin has increased by 0.51% (bitcoin) block reward over the past two weeks or 2,016 blocks processed.This Increased by 0.51% has pushed the difficulty to an all-time high of 36.95 trillion, surpassing the previous all-time high set on October 23, 2022. Difficulty increased during this rebase, as the block interval was smaller than the 10-minute average of 9 minutes and 58 seconds. The average hash rate over the last 2,016 blocks is approximately 264.3 exahash per second (EH/s).

Glassnode Says Bitcoin Mining Difficulty Hits Record High, Bitcoin Miners Still Under

At around 7:15pm (ET) on Sunday night, the global hash rate was around 261.29 EH/s, eight days ago on November 12, 2022, at block height 762,845, Bitcoin’s hash rate hit an all-time high 347.16 EH/s. The next difficulty adjustment will be at or around December 4, 2022 The changed current block generation time is 9 minutes and 26 seconds. Difficulty changes are bad for Bitcoin miners, bitcoinThe current fiat value of , also does not help miners.

Hash Price Per Exahash Slides, Bitcoin Miners Deploy 8.25K Bitcoins To “Brace” Balance Sheets

Bitcoin’s current value is more than 76% below its all-time high set on November 10, 2021. On-chain analysis firm Glassnode explained on November 18, 2022 that the Bitcoin miner hash rate has fallen to an all-time low. “[Bitcoin] Miner hash price has dropped to an all-time low of $58,300 per exahash per day,” Glassnode tweets. “and [bitcoin] Now that prices are down more than 76% from their peak, the mining industry remains under significant pressure,” the firm added.

Glassnode Says Bitcoin Mining Difficulty Hits Record High, Bitcoin Miners Still Under

Since Glassnode’s tweet, the hash price per exahash has drop November 20 was even lower. [bitcoin] to shore up their balance sheets. This leaves about 78K [bitcoin] in the miner treasury, and eliminates all balance growth in 2022,” Glassnode Add toThree days of statistics recorded on Sunday showed Foundry USA as the top mining pool with around 71.76 EH/s or 27.36% of the global hash rate.

Foundry is followed by Antpool with 46.43 EH/s, F2pool with 40.40 EH/s and Binance Pool with 37.99 EH/s. Foundry, Antpool and F2pool are followed by Viabtc and Braiins Pool respectively.There are 13 known pools dedicating hashrate to bitcoin Chain and unknown hashrate (also known as stealth miners) accounts for 2.76% of the global hashrate or 7.24 EH/s.The miner managed to mine 435 Bitcoin blocks, equivalent to 2,718.75 newly minted Bitcoin blocks bitcoin Worth $44 million, plus fees associated with those blocks.

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What do you think about Bitcoin’s 0.51% difficulty increase Sunday night? Let us know your thoughts on this topic in the comments section below.

Jamie Redman

Jamie Redman is the Head of News for News and a fintech reporter based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 6,000 articles for News about the disruptive protocols emerging today.

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