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Bitcoin Mining Difficulty Increased by Almost 8%
The metric has approached the all-time high recorded in May of 126.98 T. After the difficulty adjustment, the average network hashrate dropped to 797 EH/s, while the block interval exceeded 11 minutes.
According to Glassnode, the network’s computational power, smoothed by a seven-day moving average, stands at 909.5 EH/s.
Source: Glassnode.
The indicator has recovered from local lows at the end of July below 800 EH/s, during which difficulty dropped by 7.48%.
According to Hashrate Index, after the recalculation, hashprice fell from ~$64 to ~$59 per PH/s per day. The mining profitability metric erased all gains driven by the digital gold rally with new ATH levels above $118,000.
Source: Hashrate Index.
Despite pressure on Bitcoin mining profitability, some industry players like KULR Technology and Tether are expanding their mining capacities.
Others, such as Bit Digital and BIT Mining, are shifting focus from Bitcoin to accumulating and staking altcoins — specifically Ethereum and Solana.
As a reminder, AI infrastructure provider CoreWeave has suggested that after acquiring one of the largest public miners, Core Scientific, for $9 billion, it may completely exit the mining business.
See also: "Major Crypto Companies Invest in Paraguay's Mining Sector"
