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.
According to new data shared by Bitcoin Magazine Pro, publicly traded companies now collectively hold over 844,822 BTC, valued at more than $100.5 billion, marking a historic milestone for institutional Bitcoin adoption.
Trump Media and Technology Group, the parent company of Truth Social, Truth+, and Truth.Fi, has officially disclosed that it now holds approximately $2 billion in Bitcoin and Bitcoin-related securities.
Michael Saylor’s Strategy has confirmed another major Bitcoin purchase, acquiring 6,220 BTC last week for approximately $739.8 million.
Bitcoin’s derivatives market is heating up, with open interest climbing back to $42 billion while funding rates continue to surge.