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Bitcoin mining difficulty expected to spike Nov. 6, increase pressure on miners Bitcoin mining difficulty expected to spike Nov. 6, increase pressure on miners

Bitcoin mining difficulty expected to spike Nov. 6, increase pressure on miners

with insights from Glassnode

Bitcoin mining difficulty will adjust on Nov.6 and is expected to increase for the third time in a row.

Bitcoin mining difficulty expected to spike Nov. 6, increase pressure on miners

Cover art/illustration via CryptoSlate

The next Bitcoin (BTC) mining difficulty adjustment will take place on Nov. 6, Sunday, and is expected to increase. If it does, it could record a new all-time-high for the third time in a row, according to data analyzed by CryptoSlate.

Mining difficulty

Bitcoin mining difficulty
Bitcoin mining difficulty

The chart below demonstrates the Bitcoin mining difficulty since the beginning of the year.

Even though it recorded six decreases, mining difficulty has been spiking at a significant rate since the beginning of August. On Nov. 3, it recorded a slight decline. However, the hash rate continues upwards, keeping miners under pressure.

Bitcoin hash rate
Bitcoin hash rate

High difficulty and miners

Increasing hash rate and difficulty also increase the competition in Bitcoin mining. Mining difficulty’s exponential increase has already pushed many miners out of the market. The ones who didn’t go bankrupt are forced to sell their assets or close down mining facilities. Core Scientific and Compass Mining are just two examples of many who struggle with the current conditions.

CryptoSlate analysts took a deep dive into the increasing hash rate and difficulty on Oct. 27 to conclude that there is no way of telling when the difficulty increase will come to a halt.

Posted In: , Mining, Research

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