On November 19, 2023, Bitcoin’s hashrate demonstrated remarkable stability and efficiency, maintaining a steady pace at 468 exahash per second (EH/s), a figure that surpasses the intended average of a ten-minute block interval. The most recent block processing time was recorded at just 7 minutes and 37 seconds. This trend of shorter-than-target block intervals, ranging from 9 minutes and 43 seconds to 7 minutes and 37 seconds with a median average of 9 minutes and 40 seconds, indicates a potential increase in mining difficulty. The network is expected to see a 3% rise in difficulty, marking this as the seventh consecutive rise since September.
As of block height 817,532, approximately 93.08% of all bitcoins intended for circulation have been mined, totaling about 19,546,861.78 BTC. This significant milestone reflects the network’s growth and the intensifying competition among miners. Despite the previous difficulty adjustment, the Bitcoin network’s hashrate has continued to climb, with its seven-day simple moving average hovering around 468 EH/s, just below the peak of 475 EH/s achieved earlier in November. The rising hashrate and faster block intervals suggest a likely increase in the mining difficulty during the next scheduled adjustment on November 26, 2023. The anticipated increase would elevate the difficulty to 67.68 trillion from the current 64.68 trillion, posing a greater challenge for miners in their quest for block rewards.
The increase in Bitcoin’s hashrate is attributed to several factors, including the deployment of more efficient mining machines with higher terahash per second (TH/s) output and a significant price surge of Bitcoin by 120% since January 2023. During this period, the network’s hashrate experienced an impressive growth of 207 EH/s, while the difficulty escalated from 34.09 trillion to 64.68 trillion, reflecting a 79% rise in hashrate and an even more substantial 89% increase in difficulty.
The heart of Bitcoin’s mining power, its hashrate, represents the total computational power dedicated to securing the network. Over the last three months, it has maintained an average of 423.1 EH/s. As of November 12, the seven-day simple moving average was approximately 461 EH/s. This dynamic nature of the network’s computational power is supported by a diverse landscape of 46 mining pools, with Antpool and Foundry USA leading the pack, representing significant proportions of the total network hashrate.
Moreover, Bitcoin mining profitability, influenced by the coin’s value and transaction fees, experienced an upward trend in October. The average transaction fee peaked at $15 on November 9, 2023, and the current average stands at 0.00018 BTC or $6.76 per transaction, contributing to the overall revenue for miners. Looking forward, the estimated next difficulty change on November 25, 2023, adds another layer of complexity to the Bitcoin mining landscape.