December 9, 2022

Glassnode: Bitcoin Mining Difficulty Hits Record High

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Glassnode: Bitcoin Mining Difficulty Hits Record High

Bitcoin mining difficulty increased by 0.51%, breaking the previous record set on October 23rd.

Analyst company Glassnode publisheda report from which it follows that the value of the first cryptocurrency is now more than 76% below the historical maximum recorded on November 10, 2021. The price of Bitcoin miner hash has dropped to an all-time low of $58,000 per exahash per day. Since the price of bitcoin has dipped significantly, analysts say, this has put the mining industry under serious pressure.

After the company's specialists published the information, the price of the hash dropped even lower:

“After last week there werenews of the FTX crash, bitcoin miners distributed an additional 8,250 BTC to shore up their balance sheets. This leaves about 78,000 bitcoins in miners’ wallets and negates all balance sheet growth in 2022.”

According to statistics from Glassnode, the leadingthe mining pool is now Foundry USA with approximately 71.76 EH/s, which is 27.36% of the global hashrate. According to analysts, the next difficulty adjustment should take place on December 4, and the intervals between blocks after it are reduced to 9 minutes 26 seconds.

Formerly a manufacturer of mining equipmentCanaan reported a 90% drop in net income, which, however, did not prevent it from continuing to develop its plans to expand the business and hire new employees.

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