Record Difficulty and Bitcoin’s Selloff Push Mining Hashprice to an All-Time Low
Bitcoin entered November near record mining difficulty, then falling BTC prices drove dollar-denominated hashprice to a new all-time low of about $35.06 per PH/day on November 22. Two subsequent negative difficulty adjustments reflected the pressure on mining economics.
Bitcoin miners entered November facing an unusually difficult combination: network difficulty was near a record 155.97 trillion after the late-October adjustment, while Bitcoin’s dollar price was beginning a major retreat from its record high. As the month progressed, the revenue earned for a unit of hashrate compressed rapidly.
Luxor’s Hashrate Index recorded dollar hashprice at about $35.06 per petahash per day on November 22, the lowest level in its index at that time. The network then experienced two negative difficulty adjustments during November. CF Benchmarks separately reported that monthly mining revenue fell 20.5%, network hashrate declined 4.6% and difficulty ended the month 4.2% lower.
The episode mattered because it translated the market selloff into a measurable network-economics shock. Difficulty represents the competition miners face for block rewards, while hashprice approximates the revenue value of hashrate. Entering the month with historically high competition and then suffering a sharp decline in Bitcoin’s price squeezed miners from both directions, making November one of the clearest mining-stress episodes of the post-halving period.