DAA

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

02/07/2022 by Idelto Editor

While bitcoin’s fiat value has dropped more than 70% below the all-time high recorded in November 2021, the price reduction has made it so miners are making fewer profits depending on the devices they operate. Despite miner profits sliding, Bitcoin’s hashrate has remained high coasting along at 180 exahash per second (EH/s) to 261 EH/s. In 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 Getting Smaller — Fewer Machines Profit

Miners continue to keep the hashrate going strong even though profits are much less than they were last month. During the past seven days, the network’s hashrate has been between 180 EH/s to 261 EH/s and a weekly average of around 212.6 EH/s.

On June 18, 2022, BTC’s U.S. dollar value briefly hit a 2022 low of around $17,593 per unit and managed to climb back toward the $19K to $21K per unit range. On May 27, 2022, bitcoin miners leveraging Bitmain Antminer Pro devices with up to 110 terahash per second (TH/s) and paying $0.12 per kilowatt-hour (kWh) could get around $4.63 per day.

Today, at $0.12 per kWh, the same Antminer Pro machines lose $0.23 per day in operational costs. Of course, most bitcoin miners seeking profits in today’s market are likely paying far less for electrical costs than $0.12 per kWh which would make revenues increase.

Around that same time on May 30, 2022, the network was coasting along at 212.98 EH/s and 448 blocks were discovered in a three-day period. During the last three days leading up to July 1, 2022, 455 blocks have been found by miners.

Number of Bitcoin Mining Pools Drop During the Past 30 Days

A month ago, Foundry USA was the leading mining pool during the three-day span with 42.79 EH/s dedicated to the Bitcoin chain. 30 days later, Foundry commands 44.28 EH/s after capturing 94 out of the 455 blocks found.

While Foundry is still the top mining pool, it is followed by Antpool’s 33.92 EH/s and F2pool’s 29.68 EH/s. Last month, unknown or stealth miners dedicated 3.33 EH/s to the BTC chain and currently, the unknown hashrate 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 the unknown hash dedicating hashpower to the BTC blockchain. The Bitcoin network is expected to see a difficulty adjustment algorithm (DAA) increase in three days.

It is currently estimated to be 0.3% higher than today’s 29.57 trillion difficulty metric. A higher DAA shift will make miners feel a touch more pressure, unless BTC prices rise higher. Currently, at $0.12 per kWh, most bitcoin ming rigs with lower hashrate ratings are not profitable with the electricity they pull from the wall.

What do you think about the current state of bitcoin mining, the network hashrate and the next DAA shift? Let us know what you think about this subject in the comments section below.

Following BTC’s Price Drop, Bitcoin Miners Benefit From a 2.35% Difficulty Reduction

22/06/2022 by Idelto Editor

During the past week, Bitcoin’s hashrate has dropped a few percentages after reaching 288 exahash per second (EH/s) on June 8, 2022. Bitcoin miners, however, got a break on Wednesday, June 22, as the mining difficulty dropped by 2.35% making it easier for miners to find blocks. The 2.35% drop brings the difficulty down to the 29.50 trillion range for the next two weeks.

Bitcoin’s Mining Difficulty Drops 2.35%

On Wednesday, June 22, at block height 741,888, Bitcoin’s mining difficulty decreased 2.35% lower than two weeks ago. At that time, the difficulty rating was 30.28 trillion and today it is 29.50 trillion. Furthermore, bitcoin’s fiat value dropped to a low of $17,593 on June 18.
Essentially, Bitcoin’s difficulty adjustment algorithm (DAA) shifts every 2016 blocks and the changes are based on the amount of time it took to find the previous 2016 block subsidies. The difficulty is meant to keep block times consistent at roughly 10 minutes in between each BTC block found.
The last difficulty change at block height 739,872, two weeks ago, increased by 1.29%. That means the previous 2016 blocks before block height 739,872 took less than two weeks to find, which means miners were faster during the period. This means while the DAA shift dropped by 2.35% today, the previous 2016 blocks were found at a much slower rate.
A 2.35% reduction makes it 2.35% easier to find BTC blocks than it was during the past two weeks or 2016 blocks found. BTC’s block reward halving is expected to occur on April 23, 2024, and is less than 100,000 blocks away.
While the hashrate tapped 288 EH/s on June 8, the network’s hashrate dipped during the crypto market rout and it hit a low of 164 EH/s on June 18. At the time of writing on Wednesday, June 22, the hashrate is coasting along at speeds just below 200 EH/s.
Over the last three days, the top five BTC mining pools include Foundry USA, F2pool, Antpool, Poolin, and Viabtc. The aforementioned five BTC mining pools command 72.8% of the global hashrate today.

During the last month, 4,271 BTC blocks were mined into existence and Foundry discovered 959 of those blocks. Antpool found 636, F2pool discovered 591, Poolin found 457, and Viabtc found 434 bitcoin (BTC) block rewards.
Over the next two weeks, it will be 2.35% easier to find BTC blocks than it was the two weeks before block height 741,888. With the price being lower, miners will benefit from the DAA reduction on Wednesday.

What do you think about Bitcoin’s difficulty reduction on Wednesday afternoon (ET)? Let us know what you think about this subject in the comments section below.

Bitcoin Miners May Get Another Break This Week as Network’s Mining Difficulty Is Expected to Drop

07/06/2022 by Idelto Editor

Bitcoin miners may catch another break this week as the network’s mining difficulty is estimated to see a reduction tomorrow. Every two weeks Bitcoin’s difficulty adjustment algorithm (DAA) changes, and during the last DAA change, the difficulty dipped by 4.33%. Currently, at 235 exahash per second (EH/s), the network is expected to see a DAA reduction of 0.51% from today’s metric.

This Week’s Bitcoin Mining Difficulty Change Is Expected to Drop Lower

On June 7, 2022, there’s one more day until the next DAA change and it’s expected to drop lower when the shift commences. The DAA changes every 2,016 blocks or roughly every two weeks, and after block height 735,840, it was the highest difficulty rating ever recorded at 31.35 trillion.

Essentially, if blocks are mined quicker than expected, the DAA increases and if the blocks mined were slower during the two-week period, the difficulty decreases. After the all-time high (ATH) at 31.35 trillion, the last DAA shift at block height 737,856 dropped by 4.33%, bringing the current difficulty parameter down to 29.90 trillion.

When the difficulty drops, it is a lot easier to find bitcoin block rewards, and when the DAA metric increases, it is a lot harder for bitcoin miners to find BTC block rewards. The DAA retarget is more than 160 blocks away and is expected to change tomorrow, June 8, 2022.

If the expected 0.51% drop comes to fruition, the difficulty will be 29.75 trillion for two weeks following the DAA change. Bitcoin’s hashrate has been running at a fast pace after reaching an ATH of 275 EH/s on May 2, but since then it has not run higher than the lifetime record. In fact, as the price slipped lower toward the end of May, the hashrate had temporarily dipped under the 200 EH/s zone.

While a DAA shift downward is expected, during the last three days, 445 BTC block rewards were mined into existence. Foundry USA captured the most blocks during the past three days, as it found 105 out of the 445 BTC block subsidy rewards.

Foundry’s hashrate represents 23.6% of the global hashrate or 49.70 EH/s of processing power. Antpool is the second largest mining pool in terms of hashrate as the pool snagged 78 block rewards during the 72-hour period. Antpool has 36.92 EH/s dedicated to the BTC blockchain, which equates to 17.53% of the global hashrate.

There are 14 known pools dedicating hashrate to the BTC chain and 0.45% of the global hashrate or 946.74 petahash per second (PH/s) belongs to unknown or stealth miners. Profits have dropped a great deal, as the most powerful ASIC mining device, Bitmain’s Antminer S19 Pro+ Hyd. with 198 terahash per second (TH/s), gets an estimated $9.80 per day.

That figure includes paying $0.12 per kilowatt-hour (kWh) and the current difficulty at 29.90 trillion. The Microbt Whatsminer M50S with 126 TH/s and electrical costs at $0.12 per kWh, can make an estimated $6.78 per day in BTC profits. Many of the ASIC mining devices manufactured before 2021 are making $5 or less per day in profits, at current BTC exchange rates.

What do you think about the current state of bitcoin mining and the upcoming difficulty adjustment algorithm change expected this week? Let us know what you think about this subject in the comments section below.

Bitcoin Mining Difficulty Drops 4.33%, Biggest Reduction in 10 Months

26/05/2022 by Idelto Editor

It’s now 4.33% easier to mine bitcoin over the next two weeks as the difficulty adjustment algorithm (DAA) dropped from 31.25 trillion to today’s 29.85 trillion. It’s the largest DAA drop since July 17, 2021, when the difficulty dropped 4.81% at block height 691,488.

Bitcoin Mining Difficulty Dips 4.33% — The Largest Drop Since July 2021

Mining bitcoin is a lot less difficult than it was before May 25, 2022, as Bitcoin’s difficulty adjustment algorithm (DAA) saw a 4.33% reduction in difficulty.
Prior to the drop, Bitcoin’s difficulty was approximately 31.25 trillion and today, it’s approximately 29.85 trillion after the largest drop since July 2021. The DAA change occurred at block height 737,856 on Wednesday.

Bitcoin’s USD value has been lower in recent times, so a downward difficulty adjustment helps miners recoup some of the losses by making it 4.33% easier to find bitcoin block rewards. Currently, a Bitmain Antminer S19 Pro+ Hyd. with 198 terahash per second (TH/s) in hashpower can get an estimated $9.24 per day in BTC profits.
Bitcoin’s global hashrate has been consistent and above the 200 exahash per second (EH/s) region for quite some time now. On May 2, 2022, Bitcoin’s hashrate tapped an all-time high at 275 EH/s at block height 734,577.
Right now, there are 1,864 bitcoin (BTC) blocks left to be found until the next DAA change on June 8, 2022, and 101,992 blocks left until the next reward halving. There will be roughly 51 consecutive DAA changes every two weeks before the block reward halving occurs.
Bitcoin’s current difficulty, the USD value, and a cost of $0.12 per kilowatt-hour (kWh) makes it so machines that produce 30 terahash per second (TH/s) are not very profitable, unless the miner pays less than $0.12 per kWh. For example, the Innosilicon T3+ (52 TH/s), gets around $0.21 per day in BTC profits if electricity costs $0.12 per kWh.
Three-day mining pool statistics indicate that there are 12 known mining pools today dedicating SHA256 hashpower to the BTC chain. Approximately 1.44% of the global hashrate is operated by unknown or stealth miners with roughly 3.04 EH/s of hashpower.

Metrics over the past 72 hours show Foundry USA has been the top bitcoin mining pool in terms of global hashrate and blocks found. At the time of writing, Foundry’s hashrate is approximately 24.28% of Bitcoin’s global hashrate or 51.10 EH/s. The pool found 101 BTC block rewards out of the 416 blocks found during the past three days.
Bitmain’s Antpool managed to find 61 blocks out of the 416 found in three days, making it the second largest pool in terms of computational power. Antpool’s 30.86 EH/s of hashrate equates to 14.66% of the global aggregate.
With BTC’s difficulty running at 29,850,529,410,160 estimates currently show another reduction is in the cards, but 13 days can change the estimation a great deal. At the time of writing, the DAA is estimated to reduce roughly 0.16% lower.

What do you think about the downward difficulty change on May 25 at block height 737,856 on Wednesday? Let us know what you think about this subject in the comments section below.

Bitcoin Mining Difficulty Drops for the Third Time in 2022, Just Over 100K Blocks to Go Until the Halving

14/04/2022 by Idelto Editor

Bitcoin miners have received their third break this year as the network’s mining difficulty adjusted downward by 1.26% on April 14 at block height 731,808. Currently, miners have more than 200 exahash per second (EH/s) in computational power dedicated to mining the Bitcoin blockchain as hashrate increased after the difficulty reduction. Additionally, bitcoin miners have another 108,160 blocks to go until the bitcoin reward halving that’s estimated to occur on or around May 3, 2024.

Bitcoin Miners Catch Their Third Break in 2022

Bitcoin’s mining difficulty adjustment algorithm (DAA) dropped on Thursday, as the parameter slid by 1.26% at block height 731,808. The reduction is the third DAA drop in 2022, as the difficulty slid by 0.35% on March 17 and by 1.49% on March 3. In 2021, the DAA dropped seven times and saw one of the largest reductions over the course of Bitcoin’s lifetime on March 7, 2021, sliding 27.94% lower that day. Since the change, BTC’s hashrate has increased and is presently hovering just over the 200 EH/s zone.

The 1.26% drop makes it easier for miners to find blocks as the difficulty was 28.59 trillion two weeks ago and today, the metric is now 28.23 trillion. At the time of writing, there are 1,982 blocks left until the next DAA change. Currently, it is expected to increase but being that it’s roughly two weeks away, the estimate could be very different by then. The next DAA change is estimated to occur on April 28, 2022. The current block subsidy of 6.25 BTC is worth $252,781 using today’s BTC exchange rate and in 751 days, that will change.

Just Over 100,000 Block Rewards to Go Until the Halving, More Bitcoin Mining Pools Joining the Fray

Bitcoin miners are getting closer every day toward the block reward halving that is expected to occur on or around May 4, 2022 (however, some estimates assume it may be on May 3, 2022). After that date, BTC miners will see their 6.25 BTC per block shaved in half to 3.125 BTC per block. Right now the network produces 900 BTC per day (144 blocks) and Bitcoin’s inflation rate per annum is 1.74% at the time of writing. So far, 90.53% of all the bitcoins that will ever exist have been minted and there are 1,988,481.23 BTC left to issue.

With the difficulty change making it easier to find blocks in comparison to the last two weeks, Foundry USA is the top mining pool over the last three days with 72 blocks found and 16.63% or 33.54 EH/s of hashpower. A few more pools have joined in recent days as there are now 14 known pools while two weeks ago there were only 11 known pools mining bitcoin. Currently, unknown hashrate or stealth miners command 1.39% of the global hashrate or 2.8 EH/s. Unknown hashpower has managed to acquire six blocks during the last three days.

What do you think about the network’s mining difficulty dropping? Let us know what you think about this subject in the comments section below.