Bitcoin Mining Difficulty Jumps by 8%November 3, 2021
Bitcoin (BTC) mining is getting difficult by the time. The latest report published by Glassnode highlights a sharp increase in BTC mining difficultly. According to the numbers, the BTC mining difficulty level has reached its highest level since June 2021.
Every Bitcoin block requires 930k Exahashes to solve at an average block time of 10 mins. Since China’s announcement about the ban on crypto mining activities in the region, major mining companies migrated to other countries including the US, Canada, and Russia. While mining revenues have jumped substantially in the last 12 weeks, the difficulty level jump has caused several issues for BTC miners.
“Bitcoin mining difficulty has recovered to 93e22 hashes. This means that each BTC block requires 930k Exahashes to solve at an average block time of 10mins. Mining Difficulty has only been higher during 5 previous difficulty adjustment windows,” Glassnode highlighted.
The mining difficulty increased by nearly 8% during the recent week. Since June 2021, mining difficulty rose consistently. However, Bitcoin’s favorable price levels are supporting BTC mining activities despite the latest challenges.
Bitcoin’s Weekly On-Chain Activities
After touching an all-time high of over $66,000 in October, BTC price consolidated during the recent week. In October 2021, the price of BTC increased by nearly 40%.
Commenting on Bitcoin’s recent on-chain activities, Glassnode mentioned: “Following an exciting week that set a new all-time high for Bitcoin, the closing days of October have seen price pull back and consolidate, with a weekly low of $58,208 and a high of $63,698. Despite the market softening from the highs and price dipping briefly below $60k, Bitcoin is still up a sweltering 40% in the month of October, motivated in part by excitement over the launch of the ProShares Bitcoin Strategy ETF (BITO).”
Bitcoin climbed by more than 6% in the last 7 days. With a market cap of $1.2 trillion, BTC’s crypto market dominance stands at around 43.3%.
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