2024

Bitcoin

when

On July 5th, Bitcoin’s mining difficulty experienced a decline, dropping by over 5% to 79.50 terahashes (79.5T), the lowest in this quarter of the year and the largest since March when the difficulty briefly fell below 80 terahashes (80T). 
The fall came after an increase from March to May when the network hit its highest-ever mark of 88.10 terahashes. However, since then it has been decreasing gradually. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXcnSwYcFXl8Dn5t0L3KbIJeC4IxD5zV7XTHvwUjD5Kctr58v_iFHCWCTaMGqbE5jYg83tQgVFa4sQ0OtFm7psnQp7Nt1TG6q6vTaYMpnqSiKc1lt8DlYeitnKh7SLXFQywEyrAiF4XRor_u8WnZ6KpsYSM?key=6XK5lNDMI-XxFhGZ4Cb5Nw" alt="AD 4nXcnSwYcFXl8Dn5t0L3KbIJeC4IxD5zV7XTHvwUjD5Kctr58v iFHCWCTaMGqbE5jYg83tQgVFa4sQ0OtFm7psnQp7Nt1TG6q6vTaYMpnqSiKc1lt8DlYeitnKh7SLXFQywEyrAiF4XRor u8WnZ6KpsYSM?key=6XK5lNDMI">
 <figcaption class="wp-element-caption">
 Bitcoin Mining Difficulty ChartImage| Source: <a href="https://www.coinwarz.com/mining/bitcoin/difficulty-chart" target="_blank" rel="noopener">Coinwarz</a>
 </figcaption>
</figure> 
<h2 class="wp-block-heading" id="what-is-mining-difficulty">What is Mining Difficulty</h2> 
Mining difficulty is a measure that reflects the computational power required to mine new bitcoins. It adjusts approximately every two weeks to maintain a consistent block time. Historically, the network’s hashrate has shown consistent growth, with few exceptions. 
For example, back in 2014, hashrate was about 1.1 gigahashes per second, meaning that nearly any desktop computer could mine Bitcoin profitably, but later on in late 2017 as adoption increased, it reached the terahash level for the first time. 
According to estimates from <a href="https://www.cryptotimes.io/2024/07/05/only-5-bitcoin-mining-asics-profitable-below-55k-f2pool/">F2Pool</a> an operator of a bitcoin mining pool, under the current difficulty of 79.5 terahashes, ASIC mining rigs with an efficiency of 26 watts per terahash or better can remain profitable if Bitcoin’s price stays above $54,000 and electricity costs $0.07 per kilowatt-hour. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 👷‍♂️ Today, the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> mining difficulty was reduced by 5%, to 79.50 T. In the current difficulty epoch, what will profitability be at different price levels? Refer to the table below. ⛏️ With a <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTC</a> price of $54k, ASICs with Unit Power of 26 W/T or less can make a profit. We… <a href="https://t.co/b5DmdmMTpo" target="_blank">pic.twitter.com/b5DmdmMTpo</a>— f2pool 🐟 (@f2pool_official) <a href="https://twitter.com/f2pool_official/status/1809155768874328456?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 5, 2024</a>
 </blockquote> 
 </div>
</figure> 
Furthermore, the recent difficulty decrease may temporarily improve profitability for some mining operations. However, if Bitcoin’s price declines, only the most efficient rigs will maintain profitability. Larger mining operations, particularly those benefiting from energy subsidies, are better positioned to adapt to potential price fluctuations. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/07/04/riot-platforms-sees-19-bitcoin-mining-boosts-in-june/">Riot Platforms Sees 19% Bitcoin Mining Boosts in June</a> 
</blockquote>

Bitcoin Mining Difficulty Declines by 5% to 79.50 terahashes

Table of Contents

The Crypto Times

Další články publikované 7. 7. 2024

3 tokens to turn $100 into $1500 in July 2024

Investor Sentiment Shifts Impact RNDR AI Crypto and Uniswap BlockDAG’s Miner Milestone: 8600+ Uni...

Notcoin rallies 51% as daily trading volume skyrockets 307%, traders bet on pull-back

Peter Schiff Criticizes Bitcoin Institutional Demand Amid Market Downturn

Bitcoin Price Rallies Amid The German Govt’s Transfer of 700 BTC

Celsius Network Resurfaces With Creditor Lawsuit, Here’s What To Know

Join our free newsletter for daily crypto updates!