Bitcoin

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 The Bitcoin network's hash rate achieved a historic high over the weekend. Bitcoin’s 7-day and 3-day average hash rate rose to unprecedented levels. The 7-day rate reached 401 EH/s, and the 3-day average spiked by over 18% to 444 EH/s, according to <a href="https://beincrypto.com/bitcoin-hash-rate-record-high-pressure-miners/" rel="noopener noreferrer nofollow">beincrypto</a>. 
 Bitcoin miners are under increasing stress. As Bitcoin's hash rate reached an all-time high of 465 EH/s on July 8, the hardware prices simultaneously soared. With the stagnant profitability, the escalating costs exert significant pressure on miners. 
 Texas weather didn't impede the rise. Despite last week’s extreme heat, Bitcoin miners in Texas bounced back to nearly full capacity. Their efforts contributed to the hash rate surge. The situation will likely trigger a hefty 7.5% upward adjustment in mining difficulty. 
 A significant challenge is looming for miners - falling hash price. The profitability per petahash, currently standing at $75 per PH/s per day, keeps dropping. Consequently, miners could face even lower earnings if Bitcoin's price doesn't increase notably. 
 The next-generation ASICs, such as S19 XP, are becoming more expensive. Miners preparing for the halving event favor these models, causing their prices to inflate. Meanwhile, prices for other models stagnate or even fall. 
 Finally, Bitcoin prices stagnated over the weekend, barely maintaining the $30,000 mark. With an accelerated correction anticipated, a drop below $30,000 seems likely. This price drop will further amplify the challenges for Bitcoin miners. 
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Record-Breaking Bitcoin Hash Rate Squeezes Miners Amid Falling Profitability

Ultramining_Eng

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