The Easier Path for Bitcoin Miners: Difficulty Drop and Rising Hash Price
If you’re a bitcoin miner, here’s some good news for you. On Tuesday evening, the mining difficulty of the bitcoin network decreased by 2.65%. This adjustment came after a period of impressive stability, with the difficulty remaining at 55.62 trillion for two weeks or 2,016 blocks.
Now, the difficulty stands at 54.15 trillion, providing some relief to miners. During the past 2,016 blocks, the network’s hashrate averaged 386.2 exahash per second (EH/s). Currently, the global hashrate is around 400 EH/s, which translates to a massive 400,000,000 terahash per second (TH/s). Bitcoin enthusiasts are eagerly awaiting the next expected difficulty adjustment on September 20, 2023.
The Current State of Bitcoin Mining
As of September 6, 2023, at 8:30 a.m. Eastern Time, approximately 19,477,693.07 BTC is in circulation, leaving 1,522,087.48 BTC yet to be mined. Over the past 72 hours, Foundry USA has dominated the mining scene with a hashrate of 104.57 EH/s, accounting for 26.23% of the total hashrate. Foundry secured 112 block rewards out of the 427 blocks mined during this period.
Antpool follows closely behind with a 24.82% contribution to the total hashrate, amounting to 98.97 EH/s and claiming 106 block rewards. Other significant players include F2pool, Viabtc, and Binance Pool. Notably, there are currently around 40 different mining pools directing their SHA256 hashrate towards the Bitcoin blockchain.
The Relationship Between Difficulty and Hash Price
In addition to the decrease in difficulty, there has been a modest increase in hash price. On August 29, miners were earning $60 daily for every petahash per second (PH/s) generated. Now, that figure has risen to $61.72 per day for each PH/s produced. With the current difficulty conditions and prevailing market rate of BTC, miners can expect to earn around $0.06173 daily for every terahash per second (TH/s) generated.
Hot Take: Bitcoin Miners Catch a Break
The recent drop in mining difficulty coupled with the rise in hash price brings some relief to bitcoin miners. This adjustment provides a smoother path for miners, allowing them to earn more rewards for their mining efforts. With the upcoming anticipated difficulty adjustment and the ongoing growth of the bitcoin network, mining continues to be an exciting and potentially lucrative endeavor.
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