Record Bitcoin mining complexity achieved, despite minor enhancement
In the dynamic world of Bitcoin, mining continues to show resilience as of August 2025. The Bitcoin mining difficulty has reached an all-time high (ATH) of approximately 127.6 trillion, driven by increased miner participation and adoption of more efficient mining hardware [1][2][3][4].
Despite this peak, a downward adjustment of about 3-5% is expected around August 9, reflecting typical biweekly recalibrations in response to hashrate fluctuations. The network's hashrate shows notable volatility, with peaks above 1,000 exahashes per second (EH/s) and intraday dips near 700 EH/s. The moving average suggests a gradual upward trend since early April, mirroring periods of increased mining activity and hardware optimization [2].
The hashprice, or miner revenue per unit hashrate, has unexpectedly increased to a post-halving high of $52.63 million per exahash per day, despite rising difficulty. This decoupling suggests either stronger Bitcoin prices or improved mining efficiency sustaining miner profitability [3].
The network's computing power distribution is indirectly reflected in the hashrate growth and difficulty adjustments, showing more miners entering the market or upgrading equipment, contributing to both rising energy consumption and computing power concentration [1][3].
Notably, four American mining firms - MARA, CleanSpark, IREN, and Cango - collectively exceed 50 EH/s of computing power. BitFuFu and Riot Platforms are close to controlling the same amount of computing power as these firms [4].
The Bitcoin price remains relatively strong to support the elevated hashprice and miner profits. The continued high stock-to-flow ratio (~120) supports a narrative of Bitcoin maintaining or potentially increasing its value relative to traditional stores of value like gold (stock-to-flow ~60) [1][3].
Recent data indicates that the Bitcoin network's computing power continues to increase, with the seven-day moving average of the network's computing power at 932.2 EH/s as of the latest data. The network's hashrate has even exceeded 1 zettahash per second (ZH/s) [4].
However, it's important to note that the network complexity increased immediately by 8% in the previous recalculation on July 12, significantly affecting mining profitability. On July 26, the difficulty of Bitcoin mining increased by 1.07% [1].
Despite these fluctuations, the Bitcoin network hashrate has not yet reached its peak level, which was recorded at 943.4 EH/s on May 31 [4]. The latest data does not specify the current peak level of the Bitcoin network's computing power.
The data provided in this article is from the analytical platform Glass node.
Sources: [1] https://www.glassnode.com/research/bitcoin-difficulty-adjustment-expected-to-drop-by-3-5-percent-on-august-9 [2] https://www.coindesk.com/markets/2025/08/02/bitcoin-hashrate-hovers-above-1000-exahashes-per-second-as-mining-difficulty-hits-all-time-high/ [3] https://www.coindesk.com/markets/2025/08/03/hashrate-and-difficulty-diverge-as-bitcoin-miners-continue-to-make-money/ [4] https://www.coindesk.com/business/2025/08/03/us-miners-control-over-half-of-the-worlds-bitcoin-mining-power-data-shows/
- The increasing Bitcoin price, in conjunction with improved mining efficiency, has led to an unexpected rise in the hashprice to a post-halving high, further enhancing miner profitability in the field of Bitcoin finance.
- With four American mining firms controlling over 50 EH/s of computing power, technology plays a crucial role in the concentration of computing power within the Bitcoin network, contributing to both its growing energy consumption and mining competition.
