Bitcoin mining complexity has set a new record

Bitcoin’s mining difficulty BTC $74,795.72 Bitcoin 0.09% Market capitalization $1.48 trillion VOL. 24 hours $5.94 billion has once again reached a record high, increasing by 3.94% during the last recalculation. The figure now stands at 95.67 trillion (T), which indicates upward competition among miners. This change is important for the industry, as the increase in complexity means that more computing power is needed to mine new blocks.

The average hashrate for the period prior to this recalculation was 688.3 exashes per second (EH/s), which is almost the same as the 10-minute interval between blocks planned by the algorithm. According to analytics company Glassnode, on October 21, the 7-day moving average of the hashrate reached a record high of 723.4 EH/s, and later dropped to 713 EH/s.

The 4% drop in the hashrate from $ 48.5 to $ 46.6 per petache per day indicates a decrease in mining profitability. Given the stability of the bitcoin exchange rate and the share of commissions in miners' income, the main factor of pressure on profitability was the increase in network complexity. This forces miners to adapt to new conditions and increase the efficiency of their equipment.

According to The Block, miners' daily income, taking into account the 7-day moving average, reached approximately $ 33.5 million as of October 21. However, the share of commissions in total revenues was only about $ 2 million, which is less than 10%. This indicates a significant impact of mining itself, rather than transaction fees, on the total revenues of network participants.

In October, the share of 14 public mining companies in the total bitcoin hashrate reached a record 28.9%. This reflects the increasing concentration of computing power in the hands of large market players. According to crypto experts, this may have a significant impact on the dynamics of the industry and its further evolution.