Bitcoin mining difficulty barely adjusts downward by 0.19% as miner pressure continues Bitcoin mining difficulty barely adjusts downward by 0.19% as miner pressure continues
Bitcoin mining's mining difficulty has barely budged over the past week and saw a 0.19 percent drop following the most recent adjustment on Nov. 7.
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Updated: Nov. 7, 2022 at 1:14 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin’s (BTC) mining difficulty has plateaued since the beginning of November and saw a 0.19 percent drop on Nov. 7 following its latest adjustment, according to CryptoSlate’s analysis of Glassnode data.
The chart above shows that mining difficulty has jumped significantly starting August all the way through November. The difficulty level reached a new high of 36.84 trillion, as of block height 760,032 in the last adjustment on Oct. 24.
However, mining difficulty dropped to 36.76 trillion as of block height 762,048 on Nov. 7.
Bitcoin miners struggle to survive
Mining Bitcoin is increasingly difficult as the market is in the midst of increasing energy prices, exacerbated by inflation, depressed crypto prices, and a looming global recession.
Several Bitcoin mining companies have been experiencing financial stressors, cases in point are Core Scientific’s halt in debt payments, Argo’s negative cash flows, and equity-infusion plan fallout, Compute North’s bankruptcy filing, and Iris Energy’s failure to produce cash to meet its financial obligations.
The network’s hash rate is expected to fall as Bitcoin miners are struggling to afford the maintenance of operations.
Author 
Cynthia Chung
Cynthia is an avid writer who is fascinated by the potential of blockchain tech. She also resonates with Web3 values, especially creative expression and individual autonomy. Since discovering crypto in 2019, she has dedicated her work towards reporting on developments in the blockchain and crypto space.
