This month bitcoin’s hash price tapped an all-time low of $66,500 per exahash on Oct. 25, according to statistics from the onchain market intelligence firm Glassnode. Alongside this, the network’s mining difficulty reached a lifetime high at 36.84 trillion on Oct. 23. Despite the high mining difficulty and the lower prices, Bitcoin’s total hashrate reached an all-time high at 325.11 exahash per second (EH/s) as 4,578 blocks were generated during the past 30 days.
Bitcoin Hashrate Taps a New Lifetime High; Bitcoin’s Price Hashrate Sinks. Difficulty Hits New Heights
While the month of October did see an “Uptober,” as far as 30-day percentage gains are concerned, the month also saw a few mining records. The most notable was the all-time hashrate high recorded at block height 758,138, when Bitcoin’s (BTC) total hashrate reached 325.11 EH/s.
Bitcoin’s hashrate has remained above the 200 EH/s mark all month long, but reached a low of 215 EH/s on Oct. 10. Over the past 2,016 blocks, which was roughly two weeks, Bitcoin’s hashrate average was 259.8 EH/s.
Bitcoin’s record high hashrate has made it so the network has experienced two difficulty changes this month that have increased. First difficulty adjustment was at block height 758.016 (Oct. 10), and it was 13.55% higher.
As the shift increased again upwards by 3.44%, Oct. 23 saw the second retarget. Both of these upwards shifts combined brought the network’s difficulty to a lifetime high at 36.84 trillion.
The next difficulty change is not due until next month on Nov. 6, and it’s expected to decrease by 1.51%. Prices-wise, although the crypto winter was hard on miners of bitcoin, October was the most profitable month for BTC prices.
Over the last 30 days, Bitcoin gained over 5% against US dollars. Bitcoin miners found 4,578 new blocks that produced 28612.50 bitcoins in the past 30 days. Foundry USA discovered 1,186 blocks out of the total 4,578 blocks.
Over the last 30 days, Foundry’s total hashrate equated to 25.91% of the global hashrate. During the last month, bitcoin miners have managed quite the feat by pushing the hashrate and mining difficulty to record highs, while bitcoin’s hash price has been at the lowest it’s ever been in close to 14 years.
With all these factors, it will be interesting to see what happens to the hashrate and difficulty metrics when bitcoin’s hash price reaches higher prices, rather than the all-time lows recorded this month.
How do you feel about bitcoin mining in October? Comment below and let us know how you feel about the subject.
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