The Bitcoin network is preparing to cut mining difficulty by nearly 7% — and that’s not good news; it’s a sign that some miners have already given up.
Key figures:
• Estimated difficulty adjustment of −6.88% at block 975,744, around Nov 13 (mempool.space, Nov 11; epoch progress 80.1%)
• Hashrate fell from ~989 EH/s (Nov 8) to ~825 EH/s (Nov 10) — average block time is 10.7 minutes, slower than the 10-minute target
• Hashprice is ~$31.89/PH/day, rising to ~$34.11 after the cut (Hashrate Index via CryptoSlate, Nov 9)
• For comparison: the previous two adjustments went UP — +5.92% (Oct 16) and +5.54% (Oct 29), reaching a record 148.36T
What this means to me: this cut is proof that machines have been switched off. BTC at around $73,700 is already below the costs of many miners, and even after this cut, older S19 rigs are still unprofitable at 5 cents/kWh for electricity. The survivors: efficient miners with cheap power. This is the supply-side impact of yesterday’s flush — it’s not just prices falling, but production costs being squeezed too.
What I’m watching next: whether this −6.9% estimate holds through Nov 13 — if hashrate rises again, the figure could shrink — and whether BTC can climb back above $75,456, Strategy’s cost basis.
Do you think a difficulty cut this large signals that a bottom is near — or is it the start of a deeper miner capitulation?
Not financial advice — always DYOR.
#Bitcoin #Mining $BTC
Key figures:
• Estimated difficulty adjustment of −6.88% at block 975,744, around Nov 13 (mempool.space, Nov 11; epoch progress 80.1%)
• Hashrate fell from ~989 EH/s (Nov 8) to ~825 EH/s (Nov 10) — average block time is 10.7 minutes, slower than the 10-minute target
• Hashprice is ~$31.89/PH/day, rising to ~$34.11 after the cut (Hashrate Index via CryptoSlate, Nov 9)
• For comparison: the previous two adjustments went UP — +5.92% (Oct 16) and +5.54% (Oct 29), reaching a record 148.36T
What this means to me: this cut is proof that machines have been switched off. BTC at around $73,700 is already below the costs of many miners, and even after this cut, older S19 rigs are still unprofitable at 5 cents/kWh for electricity. The survivors: efficient miners with cheap power. This is the supply-side impact of yesterday’s flush — it’s not just prices falling, but production costs being squeezed too.
What I’m watching next: whether this −6.9% estimate holds through Nov 13 — if hashrate rises again, the figure could shrink — and whether BTC can climb back above $75,456, Strategy’s cost basis.
Do you think a difficulty cut this large signals that a bottom is near — or is it the start of a deeper miner capitulation?
Not financial advice — always DYOR.
#Bitcoin #Mining $BTC