Even though bitcoin’s fiat value has fallen by more than 70% from its November 2021 all-time high, the price drop has made miners less profitable based on the equipment they operate. Despite the slump in miner profits, Bitcoin’s hash rate has been hovering at a high of 180 exahash 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 increase by 0.3%.
Bitcoin mining revenue keeps shrinking — less machine profit
Miners continue to maintain a strong hash rate despite profits being much lower than last month. The network’s hash rate has been between 180 EH/s and 261 EH/s for the past 7 days, with a weekly average of around 212.6 EH/s.
On June 18, 2022, the dollar value of BTC briefly touched a 2022 low of around $17,593 per unit and managed to recover back into the $19,000 to $21,000 per unit range. May 27, 2022 Bitcoin miners utilize Bitmain Antminer Pro devices to detour at speeds of up to 110 terahash/s (TH/s) and pay $0.12 per kilowatt-hour (kWh) $4.63 per day.
Today, at $0.12 per kWh, the same Antminer Pro machine lost $0.23 per day on operating costs. Of course, most Bitcoin miners looking for profit in today’s market are likely to pay much less than $0.12 per kWh for electricity, which would boost revenue.
Around the same time on May 30, 2022, the network Glide at 212.98 EH/s 448 blocks were discovered in three days.455 hectares for the last three days as of 1 July 2022have been discovered by miners.
The number of Bitcoin mining pools has dropped in the past 30 days
A month ago, Foundry USA led the Bitcoin chain with 42.79 EH/s over a three-day period. After 30 days, Foundry was running at 44.28 EH/s after capturing 94 of the 455 blocks it discovered.
While Foundry remains the top mining pool, it is followed by Antpool with 33.92 EH/s and F2pool with 29.68 EH/s. Last month, unknown or invisible miners allocated 3.33 EH/s to the BTC chain, and currently, the unknown hash rate is around 3.30 EH/s.
On May 30, 2022, there were 14 known mining pools and stealth miners, but today there are only 11 known mining pools plus unknown hashes dedicating hashing power to the BTC blockchain. The Bitcoin network is expected to see an increase in the difficulty adjustment algorithm (DAA) within three days.
The current estimate is 0.3% higher than today’s 29.57 trillion difficulty metric. Unless BTC prices move higher, a higher DAA shift will make miners feel more pressure. Currently, at $0.12 per kilowatt-hour, most bitcoin mining rigs with low hash rates cannot profit from the electricity they draw from the wall.
What do you think of the current state of Bitcoin mining, network hash rate and the next DAA shift? Let us know what you think about this topic in the comments section below.
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