author image by Falc | 0 Comments | November 9, 2022

The complexity of Bitcoin mining remained near a record mark

As a result of the next recalculation, the difficulty of mining of the first cryptocurrency decreased by 0.2%, to 36.76 T. The indicator slightly retreated from the previously achieved maximum.

The average hashrate remained above 263 eh/s. The interval between the blocks for the period between the recalculations practically amounted to the 10 minutes stipulated by the algorithm.

According to Glassnode, the value of the computer’s computing power (smoothed with a 7-day sliding medium) rolled away from the maximum (272.4 eh/s) fixed on November 1 to about 267 eh/s. Since the beginning of the year (143 eh/s on January 1), the indicator has almost doubled.

Back in April, Arcane Research analysts predicted a reduction in mining, under pressure reduction in bitcoin prices and the growth of the hashrate of the network. In June, the cash flow from Bitcoin mining was reduced by 80% compared to the peak in November 2021 – to levels of two years ago.

In early September, Arcane Research experts noted a sustainable financial situation of public mining companies. Despite the elimination of significant volumes of bitcoin reserves in June and July, in August the miners again moved to the accumulation of cryptocurrency.

In September, the industry faced the first large bankruptcy of a private provider of infrastructure solutions for Mining Compute North.

Already in October, the trading on Nasdaq Core Scientific reported a threat to financial failure. A similar warning was made by the Argo Blockchain stock.

According to Hashrate Index, the hashpraice has decreased from $ 247 on ph/s per day to $ 73.5. The indicator bounced from the minimum of the end of October at marks about $ 66.7 on ph/s.

Analysts dispersed in explanations of the reasons for continuing the growth of hashrate in adverse market conditions. Jaran Mellerud from Hashrate Index indicated the purchases of large batches of equipment with public miners with deliveries over 2022 and at the beginning of the next. During the year, the company traded in the stock market increased the share in bitcoin capacities to 25%.

Capriole DAO-book. Appendix Investments founder Charles Edwards suggested that there is an unspoken arrival in the industry of large energy companies behind the growth of the hash. In his opinion, these giants and the enterprises supported by them will become serious players in the industry in the near future.

Recall that in October, the total income of Bitcoin miners increased by 7% compared to the previous month – to $ 589.7 million, follows from the FORKLOG report. In September, the indicator collapsed by 19%.

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