Bitcoin Mining Difficulty Reaches New Maximum
After the next recalculation, Bitcoin mining difficulty has increased by 3.55%. BTC.com reported that the indicator reached a new maximum at 64.68 T, with an average hashrate of 479 EH/s since the previous change. The time between blocks is just over 9.5 minutes.
According to Glassnode, the smoothed 7-day moving average peaked at 475.9 EH/s on Nov. 5, but has now corrected to 454.9 EH/s.
The hash price has fallen from $83.1 per PH per day to $80.7 over the past 24 hours, according to the Hashrate Index.
Predicted Change and Impact on Bitcoin Halving
The next recalculation is expected on Nov. 27, 2023, with a predicted change of -0.44% to 64.39 T, which will reduce the time until the next Bitcoin halving in April 2024.
Market Price Movement
On the night of Nov. 8-9, BTC briefly exceeded $37,000 before dropping back to $36,888, while top altcoins also experienced price increases but lagged behind BTC in terms of dynamics.
Hot Take: Bitcoin Mining Difficulty Hits New High with Potential Impact on Halving
The recent increase in Bitcoin mining difficulty to a new high of 64.68 T could have significant implications for the timing of the next Bitcoin halving event in April 2024.
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