Glassnode Announced that Bitcoin Miners Are Forced


Glassnode announced that Bitcoin miners are forced. On Sunday, November 20, 2022, Bitcoin’s difficulty increase erased the recent decrease of 0.20% recorded two weeks ago, as the difficulty metric rose 0.51% to prevent a high of 764,064. Sunday’s increase pushed the strength level higher again, rising from 36.76 trillion to 36.95 trillion now.

Bitcoin Difficulty Reaching All-Time High Near 37 Trillion, Fiat Value of Top Crypto Asset Falls

Today, it is 0.51% more difficult to find a Bitcoin (BTC) block reward than in the last two weeks or 2,016 blocks. An increase of 0.51% pushed the difficulty to a lifetime high of 36.95 trillion, surpassing the first recorded on October 23, 2022. The difficulty increased during this reconstruction because the blocking time was below the average of ten minutes, and nine minutes and 58. seconds. The average hashrate for the last 2,016 blocks is about 264.3 exahash per second (EH/s).

Sunday, at 7:15 p.m. (ET), the global hashrate is around 261.29 EH/s and eight days ago, November 12, 2022, with a block height of 762,845, Bitcoin’s hashrate hit an all-time high of 347, 16 PE/s. The next difficulty change is due on or around December 4, 2022, and the current block generation time after the change is 9 minutes and 26 seconds. Difficulty changes are not good for bitcoin miners and the current fiat value of BTC does not help miners.

Hash Price by Exahash Slides, Bitcoin Miners Deploy 8.25K Bitcoin to “Strengthen” Balance Sheet.

The current value of Bitcoin is more than 76% lower than the all-time high recorded on November 10, 2021. On December 18, 2022, the Bitcoin miner’s hash value fell to a lifetime low. “The [Bitcoin] miner’s hash fee fell to an all-time low of $58.3,000 per exahash per day,” Glassnode tweeted. “With the price [bitcoin] currently more than 76% from the peak, the mining industry remains under great pressure,” the company added.

Since Glassnode’s tweet, the price of hash per exahash has dropped further on November 20. “According to the news about FTX’s failure last week, bitcoin miners gave another 8.25K [bitcoin] to boost their balance sheet. This leaves about 78K [bitcoin] in the miners’ assets thing and eliminate any growth in the balance in 2022,” added Glassnode. The three-day record recorded on Sunday showed Foundry USA as the top pool with around 71.76 PE/s or 27.36% of the global hashrate.

The base is followed by Antpool’s 46.43 EH/s, F2pool’s 40.40 EH/s, and Binance Pool’s 37.99 EH/s. On the base, Antpool and F2pool are followed by Viabtc and Brains pool respectively. There are 13 known pools dedicating hashrate to the BTC chain, and unknown hashrate, known as secret miners, command 2.76% of the total hashrate or 7.24 PE/s. Bitcoin Miners have successfully mined 435 blocks of bitcoin, which is equal to 2,718.75 new BTC worth $44 million, and the fees associated with those blocks.

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