BTC Mining Difficulty Gets Biggest Drop since Dec’18 as Hash Rate Resurpasses 100M TH/s

On November 8, Bitcoin mining difficulty dropped significantly for the first time in 2019 from 13.7 to 12.7 trillion. Since then, the hash rate spiked back from 81 million TH/s on November 8 to 105 million TH/s on November 10, according to Blockchain.com statistics.

Bitcoin mining difficulty dropped around 7% to 12.7 trillion on November 8, noted Alistair Milne on Twitter. In his opinion, it confirms that the average cost of mining is around $8,000.

BTC mining difficulty has been rising since mid-December 2018 from 5.1 trillion throughout the whole year, and reached the 13.7 trillion all-time-high level in late October, as illustrated in the graph.

In the meantime, Bitcoin hash rate, that shows computing power for validating transactions, at the press time once again exceeds 100 million TH/s, or 100 quintillion hashes per second, after last weeks fluctuations.

As COIN360 reported earlier, mining industry leaders take actions resembling optimism for the market future: mining giant Bitmain plans to launch 50MW Bitcoin mining farm in Texas, this month second-biggest Chinese mining company Canaanfiled for an IPO in the US with a goal to raise $400 million. After all, the National Development and Reform Commission of the People’s Republic of China has dismissed a proposal to phase the bitcoin mining industry out of the country.