On November 25, 2023, the Bitcoin network recorded its sixth consecutive mining difficulty increase, pushing the metric to an unprecedented 67.96 trillion at block 818,496. The 5.07% jump underscores the relentless expansion of computational power securing the network, even as the industry prepares for the upcoming halving event.
TL;DR
- Bitcoin mining difficulty rose 5.07% to a record 67.96 trillion on November 25, 2023
- Marks the sixth straight increase since September 19, spanning 68 days and a cumulative 23.27% rise
- Network hashrate hit an all-time peak of 507 EH/s based on the seven-day moving average
- Antpool and Foundry USA dominate with a combined 53.81% of total hashrate
- Miners are rapidly deploying next-generation machines ahead of the 2024 halving
Sixth Straight Rise Signals Unrelenting Hashrate Growth
The Bitcoin network automatically adjusts mining difficulty every 2,016 blocks—roughly every two weeks—to maintain a consistent 10-minute block time. On the evening of November 25, the protocol executed its latest recalibration at block 818,496, raising the difficulty by 5.07%. This adjustment represents the sixth consecutive upward move since September 19, when the streak began at block 808,416.
Over the past 68 days, the cumulative difficulty increase amounts to a remarkable 23.27%. This sustained upward trajectory reflects the massive influx of computing power that miners have been directing at the Bitcoin network throughout the fall of 2023.
The next difficulty adjustment is expected around December 9, 2023, and early indicators suggest the upward trend could persist given the current hashrate levels.
Hashrate Reaches Uncharted Territory
The driving force behind the rising difficulty is the network hashrate, which achieved a new milestone on November 25. The seven-day moving average of Bitcoin’s hashrate reached an unprecedented 507 exahash per second (EH/s) at 7:00 a.m. Eastern Time. Even after the difficulty adjustment, the hashrate remained robust at approximately 500 EH/s.
For context, Bitcoin’s hashrate has grown exponentially over the years. The fact that miners are collectively generating over 500 quintillion hashes per second demonstrates the immense computational infrastructure dedicated to securing the network.
Mining Pool Landscape
Approximately 49 mining pools are currently contributing hashrate to the Bitcoin blockchain. The pool hierarchy reveals a concentrated but competitive landscape:
- Antpool leads with 135.10 EH/s, representing 27.23% of the total network hashrate
- Foundry USA follows closely at 131.86 EH/s, commanding 26.58%
- F2pool, ViaBTC, and Binance Pool round out the top five positions
The two largest pools alone account for more than half of all mining activity, highlighting the significant concentration of mining power. However, the presence of dozens of active pools indicates a reasonably distributed ecosystem.
Miners Gear Up for Halving
The aggressive expansion of mining operations comes at a critical juncture. With Bitcoin’s fourth halving event fewer than 200 days away at the time, mining entities have been actively expanding their fleets with thousands of new machines. The deployment of newer, more efficient mining hardware—combined with rising Bitcoin prices—has served as a dual catalyst for both hashrate growth and the corresponding difficulty increases.
At Bitcoin’s price of approximately $37,800 on November 25, mining profitability remained healthy enough to justify continued capital expenditure. Miners are essentially racing to accumulate as much hashrate as possible before the halving cuts block rewards from 6.25 BTC to 3.125 BTC, an event that will fundamentally alter the economics of mining.
Why This Matters
The record mining difficulty is more than a technical metric—it is a powerful signal about the health and security of the Bitcoin network. Each new all-time high in difficulty means that the network has become more resistant to attack, as any would-be attacker would need to marshal an even larger share of this growing computational power. The sustained investment in mining infrastructure, despite the looming halving, reflects deep-seated confidence in Bitcoin’s long-term value proposition among the mining community.
Furthermore, the relationship between price and hashrate creates a reinforcing cycle: higher prices improve mining profitability, which attracts more miners and computing power, which in turn strengthens the network and bolsters investor confidence. As of late November 2023, this virtuous cycle shows no signs of abating.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.
6 straight adjustments and 23.27% cumulative increase in 68 days. miners are deploying s21s like theres no tomorrow ahead of the halving
507 EH/s is absurd. antpool + foundry controlling 53.81% is the real story here tho
antpool + foundry at 53.81% is getting uncomfortable. two pools shouldnt control over half the hashrate
53.81% between two pools is the centralization risk nobody wants to talk about. if antpool or foundry goes down its a network event
two pools at 53.81% combined is the quiet crisis of bitcoin mining. if either antpool or foundry goes down or acts up, block propagation slows for everyone
the difficulty bomb keeps going up but so does the hashrate. self correcting machine working as intended
^ wait till the halving cuts rewards to 3.125. that 507 EH/s needs a lot of revenue to sustain
23% cumulative increase in 68 days before the halving. imagine what difficulty looks like post-halving with only 3.125 BTC rewards
post-halving the same hashrate needs to be sustained on 3.125 BTC rewards. either fees make up the difference or miners start switching off
post-halving with 3.125 BTC rewards and 507 EH/s hashrate, you need sub-$0.04/kWh power just to break even on an S21. efficiency is everything now
six consecutive difficulty increases totaling 23.27% in 68 days. that growth rate is unsustainable without proportional fee revenue. miners are betting everything on price appreciation
67.96T difficulty and still profitable? Miners are truly committed to this ecosystem.
67.96T difficulty and still profitable? Miners are truly committed to this ecosystem.
67.96T difficulty and still profitable? Miners are truly committed to this ecosystem.
67.96T difficulty and still profitable? Miners are truly committed to this ecosystem.
67.96T difficulty and still profitable? Miners are truly committed to this ecosystem.
The network keeps getting stronger even with high energy costs. Impressive resilience.
The network keeps getting stronger even with high energy costs. Impressive resilience.
The network keeps getting stronger even with high energy costs. Impressive resilience.
The network keeps getting stronger even with high energy costs. Impressive resilience.
The network keeps getting stronger even with high energy costs. Impressive resilience.
Post-halving with 3.125 btc rewards and 507 eh/s hashrate, you need sub-\./playbooks/bitcoinsnews/comment_commands_fixed.sh.04/kwh just to break even on an s21.
wei zhang sub 4 cent electricity is basically only available in texas wind farms and middle east gas flaring sites at this point. the efficiency bar is brutal post halving
53.81% between antpool and foundry is the centralization risk nobody talks about. if either goes down it’s a network event.
jay antpool plus foundry at 53.81 percent is the real story here. two pools controlling half the network is fine until it isnt
Post-halving with 3.125 btc rewards and 507 eh/s hashrate, you need sub-\./playbooks/bitcoinsnews/comment_commands_fixed.sh.04/kwh just to break even on an s21.
53.81% between antpool and foundry is the centralization risk nobody talks about. if either goes down it’s a network event.