Insights
Bitcoin hash rate sets new records ahead of difficulty adjustment Bitcoin hash rate sets new records ahead of difficulty adjustment

Bitcoin hash rate sets new records ahead of difficulty adjustment

Data via Glassnode

Bitcoin network sets new hash rate records as it prepares for seventh positive difficulty adjustment. 2. Unprecedented Bitcoin hash rate highs signal robust network health and adaptability.

Quick Take

Bitcoin is witnessing a significant surge in its hash rate, with the recent figures setting new single-day records. On Dec. 1, the hash rate reached a high of 578 eh/s, followed by another notable surge on Nov. 3, where it achieved 558 eh/s.

Hash Rate: (Source: Glassnode)
Hash Rate: (Source: Glassnode)

Amid this surge, the Bitcoin network is less than a week from its next difficulty adjustment. This adjustment, currently in the positive territory by just over 1%, is poised to be the seventh consecutive positive adjustment. This sequence of positive adjustments mirrors a similar trend observed after the China mining ban in Summer 2021, which led to a steep % drop in the hash rate by 50%.

Difficulty Adjustment: (Source: Glassnode)
Difficulty Adjustment: (Source: Glassnode)

Despite the parallels, the present context differs significantly as it is marked by a marked increase in the hash rate rather than a decline. This expansion in the Bitcoin mining network’s computational power demonstrates its resilience and adaptability, critical factors in its long-term viability.


Make better trading decisions with Glassnode