Bitcoin Mining Difficulty Set to Increase in December Amid Low Hashprice

The Bitcoin mining industry is preparing for an anticipated increase in mining difficulty on December 11, 2023. As miners navigate through economic pressures, the upcoming adjustment is projected to raise the difficulty from **149.30 trillion** to **149.80 trillion**. This adjustment is set to occur at block **927,360** around **12:09:34 AM UTC**.

Recent trends indicate a decline in mining difficulty, which dropped from **152.2 trillion** to **149.3 trillion** during the latest adjustment on Thursday. This change resulted in an improved average block time of approximately **9.97 minutes**, slightly under the ideal target of ten minutes. Despite this temporary relief, the overall economic environment remains challenging for miners.

A crucial factor in this landscape is the current hashprice, which measures expected miner profitability per unit of computing power. As of now, hashprice hovers around **$38.3** per petahash per second per day. This figure falls short of the **$40 PH/s** threshold, a critical break-even point for miners. The sustained low hashprice places additional strain on operations, compelling miners to reevaluate their strategies.

The implications of the anticipated increase in difficulty could add further strain to an already pressured industry. With economic factors such as supply chain disruptions and regulatory restrictions affecting mining operations, miners may face heightened challenges in maintaining profitability. The reliance on major suppliers like **Bitmain** underscores the vulnerabilities present in the current market dynamics.

As the Bitcoin mining sector evolves, the forthcoming adjustment highlights the ongoing volatility within the cryptocurrency landscape. While miners experienced a brief respite with the recent drop in difficulty, the forecasted increase may prompt a new wave of operational recalibrations in December. The industry continues to adapt to an environment marked by fluctuating profitability and regulatory scrutiny, shaping the future of Bitcoin mining as it approaches 2024 and beyond.