# Bitcoin Mining Difficulty Hits New All-Time High

*Author: David Christopher*
*Published: Oct 23, 2024*
*Source: https://www.bankless.com/bitcoin-mining-difficulty-hits-new-all-time-high*

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Bitcoin mining difficulty surged to a new all-time high as competition surges. New highs for this indicator have historically signaled large price moves on the horizon. 

## What's the scoop?
- **Difficulty Spike:** Bitcoin’s mining difficulty increased by 3.9%, hitting a new record of 95.67 terahashes (T) on Tuesday. The [hashrate reached a historic high](https://www.coindesk.com/markets/2024/10/23/bitcoin-mining-difficulty-hits-all-time-high-as-mining-revenue-rises-signals-upcoming-bull-run/), surpassing 700 exahashes per second (EH/s) for the first time.
- **Profitability Pressure:** Rising difficulty makes it harder for miners to turn profits, prompting small miners to unplug or sell holdings. With smaller players dropping out, public miners now control nearly 30% of the network’s hash power.

## Bankless Take:
Historically, rising Bitcoin mining difficulty and revenue have coincided with the start of bull runs. As miner revenue approaches the key 365-day simple moving average (SMA), historical patterns suggest that the market could be on the brink of a significant upward move. This pattern, combined with record-breaking hashrates, signals that the next bullish phase for Bitcoin may be right around the corner. With operational challenges weighing on smaller miners, a jump in price would be an appreciated next step.

[![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/10/image-4.png)](https://www.blockchain.com/explorer/charts/difficulty)*Source: Blockchain.com*