Rule

Bitcoin

when

Drops

<a href="https://www.coindesk.com/price/bitcoin/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> mining difficulty saw a significant drop of over 5% on July 5, reaching a quarterly low of 79.50 terahashes per second (TH/s).
This reduction was the most substantial since March, when it briefly dipped below 80 TH/s. After spiking between March and May to an all-time high of 88.10 TH/s, the difficulty gradually settled to its current level at the time of this writing.
Bitcoin mining difficulty is quantified by hashrate, representing the number of attempts a mining machine makes to solve the cryptographic puzzle required to unlock a Bitcoin.
Hashrate updates occur every 2,016 blocks, approximately every two weeks. Generally, Bitcoin’s hashrate has increased monthly, with few exceptions.
In 2014, the hashrate was around 1.1 gigahashes per second, allowing most desktop PCs to mine Bitcoin.
As hashrate increases, more powerful and energy-efficient mining rigs are needed for profitability.
By the end of 2017, as Bitcoin adoption surged, the hashrate crossed the terahash threshold for the first time. As of July 6, 2024, the hashrate stands at 79.5 TH/s, awaiting the next difficulty adjustment.
Under the current difficulty of 79.5 TH/s, F2Pool, a prominent mining pool, suggests that an ASIC rig with an efficiency of 26 watts per terahash or better would remain profitable as long as Bitcoin’s price stays above $54,000.
READ MORE: <a href="https://www.cryptointelligence.co.uk/house-set-to-vote-on-overturning-bidens-veto-of-crypto-regulation-rule-next-week/" data-wpel-link="internal" rel="noopener noreferrer nofollow">House Set to Vote on Overturning Biden’s Veto of Crypto Regulation Rule Next Week</a>
“With a $BTC price of $54k, ASICs with Unit Power of 26 W/T or less can make a profit. We estimate this at $0.07 per kWh,” F2Pool stated.
Should Bitcoin’s price fall below this threshold, more efficient mining rigs would be necessary to sustain profitability.
However, if the price remains stable, conditions are expected to be favorable for major miners, especially those in regions offering energy subsidies for mining operations.
In summary, the recent decrease in mining difficulty presents an intriguing shift in the Bitcoin mining landscape, affecting profitability and operational strategies for miners worldwide.
The industry will closely watch upcoming difficulty adjustments and market conditions to navigate these changes effectively.
To submit a <a href="https://www.cryptointelligence.co.uk/category/press-releases/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto press release (PR)</a>, send an email to <a href="mailto:sales@cryptointelligence.co.uk" rel="noopener noreferrer nofollow">sales@cryptointelligence.co.uk</a>.

Bitcoin Mining Difficulty Drops Over 5% to Quarterly Low, Impacting Profitability Thresholds

Crypto Intelligence

Другие статьи, опубликованные 9 июл. 2024 г.

BC.GAME Announces the Partnership with Leicester City and New $BC Token!

Bitcoin is primed for a breakout in spite of selling pressure

AI & Blockchain: A Complex Relationship Unveiled at EthCC

Hamster Kombat Craze: Hype Versus Reality

$1.5B Has been Lost in scams involving BTC, ETH and XRP in the past year; New Altcoin Star Rollbl...

BlockDAG: A New Blockchain Successor With $56.9M Presale Rise, Can ETH Price Surge & DOT Price Pr...

Join our free newsletter for daily crypto updates!