Bitcoin Hashrate Surges Past 875 EH/s as Miners Race to Capitalize on Post-Election Price Rally

The Bitcoin network’s hashrate has surged to unprecedented levels, crossing 875 exahashes per second on November 7 as miners ramp up operations to capitalize on the post-election price rally that has sent Bitcoin soaring past $76,000 to new all-time highs.

TL;DR

• Bitcoin hashrate reached 875.3 EH/s on November 7, one of the highest readings ever recorded
• The surge follows Donald Trump’s presidential election victory, which sent BTC to a new all-time high above $76,600
• Mining difficulty hit 101.65 trillion on November 5, the first time the metric crossed the 100T milestone
• Miners are spending approximately 100% of their mined supply, generating roughly $31.5 million in daily sell pressure
• Core Scientific shares jumped 11% on AI pivot progress, while Galaxy Digital announced plans to convert 800MW to HPC

A Historic Week for Bitcoin Mining

November 7 marks a pivotal moment for the Bitcoin mining industry. The network’s hashrate — the total computational power securing the blockchain — spiked to approximately 875.3 EH/s, according to on-chain data. This figure represents a dramatic recovery from the 599.6 EH/s dip recorded just days earlier on November 4, underscoring the volatility and rapid adjustment capacity of the global mining fleet.

The hashrate surge coincides with Bitcoin’s explosive price action following the U.S. presidential election. Donald Trump’s victory on November 5 triggered an immediate rally across crypto markets, with Bitcoin smashing through its previous all-time high of $73,737 set in March. By November 7, BTC was trading at approximately $76,600, having gained over 10% in just two days. Ethereum’s ether surged 8% to nearly $2,870, while Solana climbed 5% toward $195.

For miners, the price increase is a lifeline. Since Bitcoin’s fourth halving in April 2024 reduced block rewards from 6.25 BTC to 3.125 BTC, mining profitability has been under severe pressure. The sudden price appreciation effectively doubles the dollar-denominated revenue per block, breathing new life into mining operations that were struggling to stay profitable.

Difficulty Reaches Uncharted Territory

The hashrate explosion comes just two days after Bitcoin mining difficulty reached an all-time high of 101.65 trillion on November 5 — the first time the metric has ever crossed the 100 trillion mark. The difficulty adjustment, which occurs approximately every two weeks, ensures that blocks continue to be found roughly every 10 minutes regardless of how much computing power joins the network.

Higher difficulty means miners need more computational power to earn the same amount of Bitcoin, putting smaller operators at a disadvantage. Publicly traded mining companies with access to capital markets are better positioned to upgrade their equipment and expand operations, while smaller private miners may be forced to sell their entire output to cover operational costs.

According to Glassnode data, miners are currently spending approximately 100% of their mined supply, which at current production rates of 450 BTC per day translates to roughly $31.5 million in daily sell-side pressure. This dynamic creates an interesting tension: while higher Bitcoin prices improve miner economics, the increased difficulty and competitive pressure mean that margins remain razor-thin for all but the most efficient operations.

Public Mining Stocks Rally Alongside Bitcoin

The post-election euphoria extended beyond Bitcoin itself into mining equities. Core Scientific saw its shares surge more than 11% on November 7 after a Wednesday earnings call revealed the company was making significant progress on its artificial intelligence infrastructure ambitions. The company had previously signed a landmark deal with cloud-computing firm CoreWeave to repurpose some of its mining capacity for AI workloads.

MicroStrategy, the largest corporate holder of Bitcoin, gained 5.8% to reach a new 20-year high. Coinbase took a breather after a 31% surge on Wednesday, settling for a more modest 1.1% gain. The broader market, as measured by the CoinDesk 20 index, advanced 4.3% over 24 hours.

The rally in mining stocks reflects growing investor confidence that the Trump administration will bring a more favorable regulatory environment for digital assets. Trump campaigned on a pro-crypto platform, including promises to support domestic Bitcoin mining and establish a strategic Bitcoin reserve.

Soluna Expands Green Mining Operations

While large public miners dominate headlines, smaller companies are also expanding their footprint. Soluna Holdings, a developer of green data centers for Bitcoin mining and AI computing, released its monthly business update on November 7 showing steady progress across multiple projects. The company’s Project Dorothy facilities in Texas continue to operate at high capacity, benefitting from cooler fall temperatures and minimal curtailments.

Soluna is also advancing its AI initiatives, with Project Ada now running 10 proof-of-concept projects using HPE hardware and a waitlist of 128 nodes representing 1,024 GPUs. The company recently reached important milestones toward unlocking a $25 million growth capital line, positioning itself at the intersection of Bitcoin mining and sustainable AI computing.

Why This Matters

The convergence of record hashrate, unprecedented mining difficulty, and Bitcoin’s post-election price surge creates a defining moment for the mining industry. As computational power reaches new heights, the network’s security strengthens — but the economics of mining are being reshaped by the dual forces of halving-compressed revenues and the emerging AI computing opportunity. The miners who survive this transition will be those who can either achieve best-in-class efficiency in pure Bitcoin mining or successfully diversify into high-performance computing. The week of November 7 may well be remembered as the moment the mining industry’s two-track future became undeniable.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency markets are highly volatile, and readers should conduct their own research before making any investment decisions.