Bitcoin Mining Difficulty Below Record for Over a Year

Bitcoin mining difficulty has been stuck below its all-time high for more than a year. The metric sits just over 148 trillion as of November 8, 2026—about 5% below the 156 trillion peak it hit on October 29, 2025.

That’s now the longest recordless stretch in Bitcoin’s history, surpassing a roughly 364-day run between August 2011 and July 2012. The question facing the industry: is this a temporary mining cycle, or has capital found better returns in AI data centers and high-performance computing?

📌Bitcoin Mining Difficulty Sets a Recordless-Streak Record
✨Saifedean Ammous and Core Scientific Point to Structural Pressure
📌Background: Earlier Difficulty Downturns Had Clearer Triggers
🟠Why the Bitcoin Mining Difficulty Streak Matters
📌The Numbers Show Mining Capacity Is Being Repriced
❓Risks and Open Questions Around the Mining Slowdown
💡What Happens Next for Bitcoin Mining
❓FAQ

Bitcoin Mining Difficulty Sets a Recordless-Streak Record

The key facts behind the new record

Bitcoin mining difficulty reached almost 156 trillion on October 29, 2025. It hasn’t reclaimed that level since. As of November 8, 2026, it stood at just over 148 trillion.

The 5% gap matters less than the duration. Bitcoin has now blown past its previous record for the longest stretch without a new difficulty high, a period that began after the October 2025 peak.

What Bitcoin mining difficulty measures

Difficulty adjusts as computing power enters or leaves the network, keeping block production close to 10 minutes. A lower reading after a previous peak means mining conditions haven’t returned to their earlier high-water mark.

For miners, higher difficulty shrinks the odds of finding a block with a given amount of hash rate. When equipment, electricity and financing costs stay elevated, that压力 cuts into revenue.

Saifedean Ammous and Core Scientific Point to Structural Pressure

Ammous links the slowdown to mining economics

Saifedean Ammous, author of The Bitcoin Standard, says the current slowdown is now the longest in Bitcoin’s history. His reading: the industry faces structural pressure, not a single shock like those that drove earlier downturns.

He points to Bitcoin’s halvings. The block subsidy drops 50% roughly every four years, so Bitcoin’s value must rise fast enough to offset the smaller reward. His estimate: mining economics need almost 19% annual appreciation over four years, before accounting for dollar devaluation and the opportunity cost of competing infrastructure businesses.

Core Scientific is redirecting capacity to AI

Core Scientific offers a concrete example. The company recently announced plans to fully exit Bitcoin mining by the end of 2026 and enter 2027 as a dedicated AI and high-performance-computing colocation provider.

It has already cut its mining fleet by almost half while redirecting electricity and data-center capacity toward infrastructure customers. Colocation revenue jumped 58% quarter over quarter to $215.4 million in the third quarter, compared with $15 million a year earlier.

CryptoPotato detailed the difficulty record and the changing economics facing Bitcoin miners.

Background: Earlier Difficulty Downturns Had Clearer Triggers

The 2011–2012 precedent

Bitcoin’s previous longest recordless period ran from August 2011 to July 2012, lasting roughly 364 days. During that stretch, Bitcoin’s price collapsed by roughly 94% to 95%, providing a clear explanation for the deterioration in mining conditions.

The current stretch has lasted longer without a comparable price collapse or a single event forcing the industry to relocate. That contrast is why the latest difficulty pattern has caught the attention of mining commentators.

The 2021 China mining ban

Another major disruption came in 2021, when China banned domestic crypto mining outright. The decision forced a substantial portion of global hash rate to relocate, creating a sharp break in where Bitcoin mining happened.

The 2021 episode stemmed from a clear regulatory event and a geographic migration. The current difficulty streak is being discussed alongside subsidy pressure, competition for power and the changing value of data-center capacity.

How the 2023 growth cycle lifted difficulty

The network previously moved in the opposite direction as Bitcoin’s price recovered and Ordinals activity increased. Miners deployed more machines, computing power rose and difficulty reached new highs.

An earlier mining report linked the 2023 rise in difficulty to stronger Bitcoin prices and Ordinals-related demand for block space. It also described how new-generation machines were being installed as rack space became available.

The earlier account also described the effect of rising difficulty on miners’ chances of earning block revenue.

Why the Bitcoin Mining Difficulty Streak Matters

Halving pressure is increasing

Every halving cuts the block subsidy in half. Miners must find ways to lower operating costs, improve machine efficiency or benefit from a higher Bitcoin price to preserve the economics of their facilities.

Ammous’s estimate of almost 19% annual appreciation describes the pace of value growth he believes mining needs over four years. It’s an estimate about industry economics, not a Bitcoin price target.

AI infrastructure is becoming a direct competitor

AI companies are competing for the same cheap electricity, data-center space and power infrastructure miners use. If AI colocation produces better returns, operators can redirect facilities and capital rather than add more Bitcoin mining machines.

That competition changes the opportunity cost of mining. A site that once looked attractive because it could host ASIC machines may now be evaluated against potential demand from high-performance computing customers.

The energy debate could shift

Ammous argues that weaker mining economics could reduce electricity consumption and weaken one of Bitcoin’s most persistent criticisms. The same pressure that makes mining less attractive for operators could support a different argument about the network’s energy footprint.

That outcome depends on how much capacity leaves mining, how much new capacity enters elsewhere and whether Bitcoin’s price provides enough incentive for operators to return to expansion.

The Numbers Show Mining Capacity Is Being Repriced

The difficulty gap is modest, but the duration is exceptional

The current reading of just over 148 trillion sits about 5% below the record near 156 trillion. A gap that size wouldn’t by itself define a major industry break, but it has persisted for more than a year and exceeded the roughly 364-day record from 2011–2012.

The combination of time and the absence of a new peak is the central signal. Miners haven’t returned the network to the computing-power conditions of the October 2025 high.

Core Scientific’s revenue mix has changed sharply

Core Scientific’s colocation revenue reached $215.4 million in the third quarter after rising 58% from the previous quarter. The figure was $15 million a year earlier, showing why high-performance-computing customers can compete with Bitcoin mining for facility space and electricity.

Those figures come from colocation, the business Core Scientific is building around AI and other computing customers. The company’s planned mining exit makes that shift one of the clearest company-level examples of the broader pressure Ammous describes.

The subsidy and price equation remains central

The 50% subsidy reduction at each halving creates a recurring test for miners. If the Bitcoin price doesn’t rise sufficiently, operators must rely more heavily on efficiency gains, cheaper energy, favorable hosting arrangements or alternative uses for their facilities.

Ammous’s estimate of almost 19% annual appreciation over four years places that challenge in numerical terms. His view: mining must compete not only with other miners but also with simply holding BTC▼$75,906.00 and with non-mining uses of infrastructure.

Risks and Open Questions Around the Mining Slowdown

Temporary cycle or lasting migration?

The recordless period could end if Bitcoin’s price, mining efficiency or available energy supply improves enough to support another expansion in computing power. The alternative is a longer migration of capital and electricity toward AI infrastructure and other data-center customers.

The present pattern alone doesn’t settle that question. It shows the network has remained below its previous difficulty high for an unusually long time, while the industry reassesses where its facilities can earn the strongest returns.

AI may raise the cost of staying in mining

AI infrastructure providers may offer miners a more profitable use for power and data centers. That can make it harder for mining companies to justify new equipment purchases, especially after a halving reduces the reward attached to each block.

Core Scientific’s planned exit illustrates the competitive risk at the company level. Other operators may make different choices, but the availability of an alternative customer base changes how they value electricity and real estate.

A weaker difficulty record is not the same as a weaker Bitcoin network

Bitcoin mining difficulty can remain below a prior high while the network continues operating and processing blocks. The metric describes the amount of computing competition at a point in time; it doesn’t by itself establish that Bitcoin is fundamentally weakening.

Ammous offers a counterargument to the bearish interpretation. If mining becomes less attractive than holding BTC, capital that might have gone into machines, facilities and electricity could flow directly into the asset instead.

What Happens Next for Bitcoin Mining

Core Scientific’s deadline

Core Scientific plans to complete its Bitcoin mining exit by the end of 2026. It expects to enter 2027 as a dedicated AI and high-performance-computing colocation provider, making the end-of-year transition a key date for the company’s strategy.

The difficulty level to watch

Bitcoin mining difficulty would need to reclaim the almost 156 trillion record set on October 29, 2025 to end the current recordless period. Until that happens, the network will continue extending the longest stretch in its history without a new difficulty high.

The industry’s competing investment choices

Miners will continue weighing Bitcoin mining against AI colocation and other uses of electricity and data-center capacity. The main variables are Bitcoin’s price appreciation, the next subsidy reductions, equipment efficiency and the revenue available from non-mining infrastructure customers.

The recordless streak is both a mining statistic and a sign of changing capital allocation. Whether it ends with a new expansion in hash rate or a longer shift toward AI will depend on the relative returns available to operators.

FAQ

When did Bitcoin mining difficulty reach its all-time high?

Bitcoin mining difficulty reached almost 156 trillion on October 29, 2025. It has remained below that level through November 8, 2026.

How far below the record is Bitcoin mining difficulty now?

The metric stood at just over 148 trillion as of November 8, 2026. That is approximately 5% below the October 2025 peak.

What was Bitcoin’s previous longest period without a new difficulty record?

The previous record lasted roughly 364 days, from August 2011 to July 2012. Bitcoin’s current recordless stretch has exceeded that period.

Why was the 2021 mining downturn different?

The 2021 downturn followed China’s sweeping ban on domestic crypto mining. The policy forced a substantial portion of global hash rate to relocate, giving that episode a clear regulatory and geographic cause.

What does Core Scientific plan to do after leaving mining?

Core Scientific plans to fully exit Bitcoin mining by the end of 2026. It aims to enter 2027 as a dedicated AI and high-performance-computing colocation provider.

How much annual Bitcoin appreciation does Ammous say mining economics require?

Ammous estimated that mining economics require Bitcoin’s value to appreciate by almost 19% annually over four years. His estimate comes before accounting for dollar devaluation and the opportunity cost created by AI infrastructure.

This article is for information only and is not financial advice.

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