Bitcoin

On September 8, 2024, Bitcoin’s global <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/">hash rate</a> reached an unprecedented 692 EH/s, a significant jump from its previous peak of 676 EH/s just a week earlier. This marks a 76% increase in hash rate year-over-year, reflecting the growing computational power and security of the Bitcoin network. 
Despite this impressive growth, miner revenues continue to decline. The <a href="https://ultramining.com/news/en/bitcoins-rebound-above-30k-boosts-hashprice-a-4-leap-in-24-hours/">hashprice</a>, or estimated earnings per petahash, fell to $38.55 per PH/s per day, down from $39.01 just days before. This creates a paradox in the <a href="https://ultramining.com/news/en/texas-residents-challenge-bitcoin-mining-industrys-impact-on-power-grid-and-communities/">mining industry</a>: as the network strengthens and becomes more resilient, profitability for miners dwindles. The upcoming difficulty adjustment, expected on September 10, is predicted to increase by 5.48%, adding further strain on miners already facing lower revenues. 
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Bitcoin Hash Rate Nears 700 EH/s Despite Declining Miner Revenues

Ultramining_Eng

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