Bitcoin’s hashrate has declined in recent times after reaching an all-time high on June 8, 2022, at block height 739,928. 30-day statistics show the hashrate has slipped from 243 exahash per second (EH/s) to today’s 178.44 EH/s, losing 26.56% during that time frame. Two consecutive drop in difficulty adjust algorithm (DAA), is anticipated to occur within 11 days, or approximately 1,600 blocks.
Following the June 8 All-Time High, Bitcoin’s Hashrate Dropped 26% in 30 Days
Bitcoin miners aren’t making the same profits as they did one month ago due to lower bitcoin (BTC). Using today’s BTC exchange rates a block subsidy value is worth $136,625 per block and during the last 90 days, the hashrate averaged around 213.8 exahash per second (EH/s).
On June 8, 2022, the hashrate tapped a high of around 292.02 EH/s at block height 739,928 and today it’s much lower at 178.44 EH/s. Statistics recorded over the last month indicate that BTC’s hashrate slipped 26.56% lower than the average after the first week of June.
While BTC’s price is lower and hovering just above the $21K region, BTC miners have caught a break during the last two DAA changes after they saw two downward adjustments. BTC blocks were easier to find with the two DAA changes that occurred in December. Expectations are for the DAA change to drop 0.13%.
However, there’s still 11 days left until the next DAA change and the time it takes to find 2,016 BTC blocks will determine if the DAA goes up or down. The Bitcoin network has seen six decreases and four increase since March 3rd, 2022.
Crunchtime – Less than 100K blocks remain until the Block Subsidy Halving
Although the hashrate dropped by 26% in the last 30 day, miners found 4,216 block subsidies rewards. Foundry USA was the largest with 959 blocks and 22.75% global hashrate.
Antpool, who captured 14.61% and found 616 blocks in the last month’s global hashrate, was next to Foundry. Today, there are fourteen BTC mining pools. Unknown hashrates or stealth miners received 56 blocks rewards in the last month. This equates to 1.33% for 30-day hashrate.
There’s less than 100K blocks left until the next reward halving (95,699 block away at press time) and miners will see revenues slashed in half at that point in time. The next reward halving event is scheduled for April 16, 2024. That’s 647 days from now.
After that date, bitcoin miners will only get 3.123 BTC per block in comparison to today’s 6.25 BTC block reward. On Saturday, June 9, 2022 the metrics showed that bitcoin miners are not profitable at $0.12 per hour (kWh).
Bitmain Antminer XP, which generates 140 terahash/second (TH/s), is currently the most profitable ASIC miner rig. Antminer S19 XP generates $5.13 per hour with $0.12/kWh electricity costs.
Do you agree with the trend of hashrate dropping? Please comment below to let us know your opinion about bitcoin mining’s current state over the past thirty days.
Credits for the image: Shutterstock, Pixabay, Wiki Commons, coinwarz.com
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