Institutional interest in Bitcoin is gaining momentum, hinting at the potential for six-figure Bitcoin prices on the horizon. Meanwhile, the network hashrate is on track to surpass a monumental 800 EH/s by the end of the year, as miners benefit from improved margins. The network recently recorded its fourth consecutive upward difficulty adjustment—a streak not seen in over a year. Additionally, hashprice has climbed back above $60/PH/day. If it can sustain this level, it may lead to a revival of older-generation ASICs. In this edition, we’ll cover the following topics:
Six-Figure Bitcoin Inevitable
Institutional Buying
Network Hashrate on Track to Cross 800 EH/s by EOY
Four Upward Difficulty Adjustments in a Row
Hashprice Breaks Above $60/PH/Day
Premium Members Only:
Understanding Hashcost and Profitability
Calculating Operational Costs
Importance of Payback Period or ROI
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Six-Figure Bitcoin Inevitable
Bitcoin is on the brink of a historic milestone, having ended the week strong with a record-breaking close above $98,000. Surging all the way to $99,800 last Friday, needing just a 0.2% rise to cross the $100,000 mark for the first time. This psychological level is a significant focus for both institutional investors and traders, fuelling a high-stakes battle amid replenishing sell-side liquidity. While Bitcoin’s ascent to six figures seems inevitable, some turbulence is likely in the lead-up to this key milestone.
Institutional Buying
The rally, which began after the U.S. election with expectations of reduced crypto regulation under President-elect Donald Trump, has seen strong buying from institutions and long-term holders like MicroStrategy and MARA. The bullish price action has also been driven by the surging interest in U.S. Bitcoin ETFs. Over the five trading days through November 22, net inflows reached an impressive $3.35 billion, marking the largest weekly inflow on record. November is shaping up to be a historic month for Bitcoin ETFs, with nearly $7 billion in net inflows recorded so far. With a week remaining, the month is on track to surpass February’s previous high of $6 billion.
Network Hashrate on Track to Cross 800 EH/s by EOY
Bitcoin’s network hashrate reached a new all-time high of 783 EH/s on November 20th. Since surpassing the 700 EH/s mark, it has consistently stayed above that level. With Bitcoin’s price on the rise, miner revenue is also improving. As the all-time high is now just 17 EH/s away, it seems highly likely that the network hashrate will exceed 800 EH/s by year-end.
Four Upward Difficulty Adjustments in a Row
The last difficulty adjustment occurred on November 18th, marking a modest 0.63% upward change. This adjustment followed a period of sluggish network hashrate growth and came just before the hashrate surged to a new all-time high (ATH). While the adjustment itself was small, it’s significant to note that difficulty has increased upward four times in a row—something we haven’t seen in over a year.
Hashprice Breaks Above $60/PH/Day
Last week, hashprice climbed back above $60/PH/day—a critical level where it spent most of 2023. This threshold is particularly significant for miners using 30+ J/TH ASICs, as it often serves as a key profitability benchmark. When hashprice fell below $60/PH/day earlier this year, many miners faced tough decisions: either switch off their machines or invest in upgrading their fleets to more efficient models. Now that hashprice has briefly reclaimed this level, the question remains: can it stay above this profitability floor for a sustained period?
If hashprice stabilizes above $60/PH/day, it could lead to older-generation ASICs being brought back online, sparking a potential revival of mining hardware that has been sidelined. This scenario would further boost network hashrate. However, the ultimate impact will depend on hashprice trends and available rackspace with low enough operating expenses.
The following content is exclusively for our Premium Members:
Understanding Hashcost and Profitability
Calculating Operational Costs
Importance of Payback Period or ROI
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