Cipher

Bitcoin

Trillion

Bitcoin mining difficulty has surged past 90 trillion for the first time, setting a new record after more than three months. The difficulty level increased by 10%, reaching 90.67 trillion on Wednesday. This follows two weeks of surging <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">hashrate</a>, accelerating the network’s average block interval to 9 minutes and 3 seconds, according to <a href="https://theminermag.com/news/2024-07-31/bitcoin-mining-difficulty-ath/" rel="noopener noreferrer nofollow">TheMinerMag</a>.
After the fourth Bitcoin <a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/" rel="noopener noreferrer nofollow">halving</a> in April, the network's mining difficulty initially set a new record but then declined as the <a href="https://ultramining.com/news/en/bitcoins-rebound-above-30k-boosts-hashprice-a-4-leap-in-24-hours/" rel="noopener noreferrer nofollow">hashprice</a> drop led to unprofitable operators unplugging from the network. The seven-day moving average hashrate fell from a post-halving high of 650 EH/s to 556 EH/s last month, following the hashprice bottoming at a record low below $45/PH/s.
Bitcoin’s price rebound earlier this month elevated the hashprice to $52/PH/s. However, the new difficulty record is expected to reduce daily mining revenue to $46/PH/s. This low hashprice level will pressure inefficient operations, potentially leading to their capitulation.
Large-scale publicly listed operations, however, are driving the hashrate increase. Companies like <a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/" rel="noopener noreferrer nofollow">Bitfarms</a>, <a href="https://ultramining.com/news/en/cleanspark-doubles-down-on-bitcoin-mining-with-55m-expansion/" rel="noopener noreferrer nofollow">CleanSpark</a>, <a href="https://ultramining.com/news/en/riot-platforms-to-boost-efficiency-with-midas-immersion-coolings/" rel="noopener noreferrer nofollow">Riot</a>, <a href="https://ultramining.com/news/en/cipher-mining-thrives-eyes-increased-market-share/" rel="noopener noreferrer nofollow">Cipher</a> Mining, <a href="https://ultramining.com/news/en/marathon-digital-to-boost-energy-efficiency-with-s19-xp-miners/" rel="noopener noreferrer nofollow">Marathon</a>, and <a href="https://ultramining.com/news/en/terawulfs-game-changing-move-75m-investment-in-next-gen-bitcoin-miners/" rel="noopener noreferrer nofollow">Terawulf</a> expanded their energized hashrate by over 15 EH/s in June. Marathon’s MARA Pool mined 198 blocks in July and is on track to reach 200 blocks, marking July as the second most productive month for the firm since December 2023.

Bitcoin Mining Difficulty Sets New Record Above 90 Trillion Amid Increased Competition

Ultramining_Eng

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