Cryptocurrency

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

The next Bitcoin (BTC) mining difficulty adjustment is scheduled for Sunday, November 6th. gain. If so, it could hit three new highs in a row, according to data analyzed by CryptoSlate.

mining difficulty

Bitcoin mining difficulty
Bitcoin mining difficulty

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

Despite recording six declines, mining difficulty has spiked at a significant rate since the beginning of August. A slight drop was recorded on November 3rd. However, hashrate continues to climb and miners are under pressure.

bitcoin hash rate
bitcoin hash rate

High Difficulty and Minor

Rising hashrate and difficulty also make Bitcoin mining more competitive. The exponential increase in mining difficulty has already pushed many miners out of the market. Those who do not go bankrupt will be forced to sell their assets or close their mining facilities. Core Scientific and Compass Mining are just two of his examples of the many companies struggling with the current situation.

CryptoSlate analysts took a deep dive into the increasing hash rate and difficulty on Oct. 27 and concluded that there is no way to know when the difficulty will stop rising.

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