On October 23, 2024, Bitcoin's mining hashrate surged to an all-time high (ATH), marking a significant milestone in the cryptocurrency's ecosystem. The 7-day average hashrate reached unprecedented levels, reflecting increased miner activity and optimism in the market.
Data indicates that Bitcoin's mining difficulty also escalated by 3.9%, hitting 95.67 terahashes (T). This adjustment is the 13th positive change in 2024, with a year-to-date increase of 27% in mining difficulty. Concurrently, the hashrate exceeded 700 exahashes per second (EH/s) for the first time, indicating robust computational power dedicated to the network.
The recent spike in mining metrics aligns with Bitcoin's price fluctuations, which have seen the asset retrace to approximately $67,100 after reaching resistance levels above $69,000. Analysts suggest that the upcoming nonfarm payrolls report on November 1 and the Federal Reserve's interest rate meeting on November 7 will be critical in shaping market dynamics.
As mining difficulty rises, operational costs for miners increase, leading to a consolidation in the industry. Historical patterns suggest that as miner revenue surpasses the 365-day simple moving average, a potential bull run for Bitcoin may commence, further impacting market conditions globally.