Record Difficulty Set to Erase Bitcoin’s “Uptober” Hashprice Recovery
Bitcoin miners saw a brief reprieve as hashprice recovered above $51/PH/s on Wednesday, lifted by Bitcoin’s price rally to $116,000 on the first day of “Uptober.”
That bounce came after hashprice slipped to 48/PH/s earlier last week, the lowest level since late April. But the recovery could be short-lived. With the network’s hashrate climbing at a parabolic pace, mining difficulty is due to rise by about 6% in less than seven hours to set yet another all-time high.
The increase would mark the fourth straight upward adjustment and push difficulty to a new record high. For miners, it would erase the recent hashprice rebound and likely send profitability back toward the $48 range, further pressuring profitability despite Bitcoin’s price gains.
Since mid-August, difficulty has climbed by more than 15%, reflecting rapid hashrate expansion as more machines come online. The adjustment cadence has been among the steepest stretches of growth this year, underscoring the competitive squeeze within the industry.
While Bitcoin’s recovery above $115,000 has helped offset some of the pressure, the compounding effect of higher difficulty means margins remain thin, especially for operators relying on older-generation rigs or higher power costs.
