Bitcoin Mining Difficulty Hits All-Time High as Mining Revenue Rises; Signals Upcoming Bull Run
Bitcoin's mining difficulty reached an all-time high of 95.67 terahashes (T), increasing by 3.9%. In 2024, there have been 22 difficulty adjustments, with 13 being positive, resulting in a 27% increase from 72T to 92T year-to-date. The network adjusts difficulty every 2,016 blocks to maintain a 10-minute block time. Mining difficulty has risen alongside a record hashrate exceeding 700 exahashes per second (EH/s). Increased difficulty pressures miners, leading to higher operational costs and unprofitable miners selling holdings. Over 30,000 bitcoin left miner wallets from November 2023 to July 2024, marking a significant distribution period. Since July, miner balances have stabilized, indicating stronger miners remain. Public miners now control nearly 30% of the market. Mining revenue has increased to over $35 million weekly, up from September lows, but remains below the historical average of $40 million. Historically, when miner revenue exceeds this average, it precedes a bitcoin bull run.
