Bitcoin Mining Difficulty Hits Record High as Hashrate Surges During U.S. Elections

Bitcoin mining has reached an unprecedented level of difficulty, exceeding 100 trillion, coinciding with the U.S. election day.

On November 5, mining difficulty increased by 6.24%, reaching 101.65 trillion at block height 868,896. This marks the 23rd adjustment of 2024, with 14 increases contributing to an overall 40% rise in difficulty this year.

In addition to this uptick, the hashrate—the total computational power of the Bitcoin network—has also reached new heights, averaging about 730 exahashes per second (EH/s) over the past week.

While a higher hashrate boosts network security, it also makes mining more challenging, necessitating that miners invest in more advanced and energy-efficient technology to stay competitive.

As reported by CoinShares, the average cost to produce a single Bitcoin for publicly traded mining firms rose to around $49,500 in Q2, up from $47,200 in Q1. Despite this, with Bitcoin currently priced around $69,000, many miners are still able to sustain profitable operations.