BTC’s Lower Price Shrinks Bitcoin Mining Profits, Hashrate Remains Unaffected

Bitcoin’s fiat value has fallen more than 70% from its all-time high recorded in November 2021, but the price decline has left miners with fewer profits from the devices they operate. Despite the declining profits of miners, bitcoin hash rates are coasting higher, from 180 exahashes per second (EH/s) to 261 EH/s. Three days or more than 600 blocks away, bitcoin’s next difficulty adjustment is also estimated to be 0.3% higher, which would mean a 0.3% increase in bitcoin’s hash rate.

Bitcoin mining revenues continue to get smaller– fewer machines profit

Miners continue to maintain strong hash rates despite profits being much lower than last month. Over the past seven days, the network hash rate has ranged between 180 EH/s and 261 EH/s, with a weekly average of roughly 212.6 EH/s.

On June 18, 2022,the USD value of BTCbriefly hit a 2022 low of approximately $17,593 per unit and managed to climb toward the $19K to $21K per unit range. on May 27, 2022, the maximum Bitcoin miners, utilizing 110 terahash per second (TH/s) Bitmain Antminer Pro devices and paying $0.12 per kilowatt-hour (kWh), were able to earn around $4.63 per day .

Today, at $0.12 per kWh, the same Antminer Pro machine loses $0.23 per day in operating costs. Of course, most bitcoin miners seeking profit in today’s market are likely paying much less for electricity than the $0.12 per kWh that would increase their revenue.

Around the same time on May 30, 2022, the network will coasting along at 212.98 EH/s with 448 blocks discovered in three days; in the last three days until July 1, 2022, 455 blockswere discovered by the miners.

Decrease in Bitcoin Mining Pools over the past 30 days

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A month ago, Foundry USA was the leading mining pool, dedicating 42.79 EH/s to the Bitcoin chain in a 3-day span. 30 days later Foundry is commanding 44.28EH/s after capturing 94 of the 455 blocks found.

Foundry remains the top mining pool, followed by Antpool at 33.92 EH/s and F2pool at 29.68 EH/s. Last month, unnamed or stealth miners dedicated 3.33 EH/s to theBTCchain; with the BTCchain, the current unknown hash rate is around 3.30 EH/s.

On May 30, 2022, there were 14 known mining pools and stealth miners, now there are only 11 known mining pools plus an unknown hash dedicating hash power to theBTCblock chain. dedicating power to theblockchain. The Bitcoin network is expected to increase its Difficulty Adjustment Algorithm (DAA) in the next three days.

currently estimated to be 0.3% higher than today’s 29.57 trillion difficulty metric. A higher DAA shift will make miners feel touch pressure unlessBTCprices rise higher. Currently at $0.12 per kWh, most bitcoin mingling rigs with low hash rate ratings cannot profit on the electricity they draw from the wall.

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