Bitcoin Mining Difficulty Tops 100T for First Time, Piling Pressure on Small Miners
Summary
Bitcoin's mining difficulty reached a record high of 101.65 trillion, increasing pressure on smaller miners with limited cash resources compared to larger, publicly traded companies. Mining difficulty, which adjusts every 2,016 blocks, has seen positive adjustments 60% of the time this year, making block discovery more challenging. Bitcoin's hashrate also hit a record high of 755 EH/s, with a significant 12% surge in late October. Miners are spending 100% of the mined supply, averaging 450 bitcoins daily, equating to $31.5 million in potential sell-side pressure. Despite challenges, miners are in a relatively stable position.
