Bitcoin

Bitcoin Mining Difficulty Hits Record High

On November 25, 2023, the Bitcoin network experienced its sixth consecutive difficulty increase, setting a new record at 67.96 trillion. This marks a significant milestone in the network's growth and stability.
By
Colin Aulds
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Colin Aulds is a founder at 10NetZero, a off-grid Bitcoin mining company. He is also the former VP and founder at Billfodl, a Bitcoin wallet backup company, as well as PrivacyPros.io, a blog dedicated to helping every day people increase their privacy online. He earned his Bachelor of Business Administration from Belmont University in 2011.

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      November 28, 2023

Bitcoin Mining Difficulty Hits Record High

Key Takeaways

  • Bitcoin network hit a record difficulty of 67.96 trillion on November 25, 2023.
  • Since September 19, 2023, Bitcoin's mining difficulty has increased by 23.27%.
  • The network's seven-day moving average reached 507 EH/s, a new high.

A New Milestone for Bitcoin

In a landmark development for the Bitcoin network, the mining difficulty has surged to a new all-time high, reflecting the network’s growing strength and resilience. On November 25, 2023, the network recorded its sixth consecutive difficulty increase, reaching a staggering 67.96 trillion at block 818,496. This milestone is a testament to the network’s robust design and escalating participation.

Consistent Rise in Mining Difficulty

The trend of rising difficulty began on September 19, 2023, and has continued unabated over the past two months. The cumulative increase in mining difficulty during this period is an impressive 23.27%. The latest update has contributed an additional 5.07% to this upward trajectory, underscoring the growing competition among miners and the network’s expanding computational power.

Record-Breaking Processing Power

Parallel to the difficulty spike, the network’s processing power also set new records. A seven-day moving average of 507 exahash per second (EH/s) was observed on the morning of November 25. This figure not only represents a significant increase in the network’s processing capacity but also highlights the increasing energy and resources being invested in Bitcoin mining operations.

The Dynamics of Mining Pools

The Bitcoin network’s mining landscape is marked by the participation of approximately 49 mining pools, with Antpool and Foundry USA currently leading in hashpower. Despite the inherent competition in mining, an interesting dynamic of “cooperatition” exists within these pools, where miners collaborate yet compete, contributing to the overall security and efficiency of the network.

This phase of intensified mining activity and increased difficulty is a clear indicator of Bitcoin’s continuing maturation as a digital asset and its growing importance in the global financial landscape. As the network evolves, it continues to attract more participants, fostering a more decentralized and secure environment for Bitcoin transactions.

Article Sources

BuyBitcoinWorldWide writers are subject-matter experts and base their articles on firsthand information, like interviews with experts, white papers or original studies and experience. We also use trusted research and studies from other well-known sources. You can learn more about our editorial guidelines.

  1. U.Today - Bitcoin Mining Difficulty Hits New Record High, https://u.today/bitcoin-mining-difficulty-hits-new-record-high

About the Author

colin aulds

Colin Aulds is a founder at 10NetZero, an off-grid Bitcoin mining company. He is the former VP and founder at Billfodl, a Bitcoin wallet backup company, as well as PrivacyPros, a blog dedicated to helping every day people improve their privacy. He also runs the popular Unhashed Podcast. Colin holds a bachelors degree from Belmont University (BBA).


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