Bitcoin Mining Timeframe Slower Than Normal, Glassnode Releases Report on BTC Mining
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On November 20, 2022, at block height 764,064, the last time the difficulty of Bitcoin changed, it rose by just 0.51%. The network’s difficulty did, however, grow to an all-time high of 36.95 trillion as a result of the increase. Since then, the network’s average hashrate for the past week has been roughly 249.1 exahashes per second (EH/s).
Additionally, the average Bitcoin network block time has reportedly been slower than usual, fluctuating on Monday between 10.2 minutes and 11.06 minutes. Prior to the difficulty modification on November 20, block times had been on average less than ten minutes since September 29. As a result, the block intervals have been significantly higher since then.
The longer block timings indicate that the 2,016 blocks that will be mined before the next retarget will be mined more slowly than the average two weeks. Reports suggest that the retargeting might drop as low as 10% on December 5, at the time this article was written.
This projection would surpass the highest difficulty contraction the Bitcoin network has witnessed all year, which was about -5.01% and was recorded on July 21, the day with the biggest drop. The present difficulty for miners is the highest ever seen, while the price of Bitcoin (BTC) is 76% lower than the record high ($69K) set on November 10, 2021.
Glassnode’s Bitcoin Mining Report
Braiins.com and macromicro.me mining insights reveal that BTC’s cost of production ($18,360) is more than the current spot market value ($16,250). Additionally, Glassnode’s market information shows that Bitcoin miners are taking money out of their treasuries to fund operations.
The Bitcoin mining industry is “under immense financial stress,” according to a tweet from the on-chain analytics company Glassnode, which also announced a mining study it co-published with Cryptoslate.
In the report, Glassnode noted, “What we find is that [Bitcoin] miners are distributing around 135% of mined coins,” adding,
“This means miners are dipping into their 78K [Bitcoin] strong treasuries.”
A new report by @CryptoSlate and @glassnode has revealed how challenging the bear market has truly been for #bitcoin miners
How long more will this bear market last for distressed miners?https://t.co/6jH1hhMgyf
— CryptoSlate (@CryptoSlate) November 28, 2022
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