After Bitcoin’s mining difficulty jumped to the highest value ever at 26.64 trillion, the overall hashrate slumped a hair due to the rise in difficulty and lower bitcoin price. This weekend, Bitcoin’s hashrate is coasting along at 189 exahash per second (EH/s), after dropping to a low of 167 EH/s three days ago. Bitcoin mining profit margins have been squeezed by the lower price and rising difficulty.
Mining Difficulty Makes Block Rewards Harder to Find, Bitcoin’s Lower Price Makes It Less Profitable for Miners
Bitcoin’s hashrate remains high after the network saw the mining difficulty reach an all-time high of 26.64 trillion on January 20, 2022. On that day, 9.32% of the network difficulty adjustment algorithm was increased. The next DAA epoch will be in eleven days.
This last update makes it harder for miners find bitcoin (BTC), block subsidies, and much more challenging than in the past 13 years. Another obstacle bitcoin miners faced this past week is the fact that BTC’s price shed 17.9% over the last week.
Miners are less likely to make a profit due to the difficulty of the project and its lower price. With 189 EH/s of SHA256 hashrate dedicated to the chain, it doesn’t seem like these factors have slowed miners down. However, statistics from the bitcoin mining rig show that aggregate profits indicate that miners of SHA256 are under pressure due to both price drops and difficulties.
These Six Bitcoin Mining Rigs Earn Less Than $10 Per Day. Older machines suffer
The current top Bitcoin mining rig, Bitmain’s Antminer S19 Pro, currently makes $9.41 per hour using $0.12 per Kilowatt-hour, (kWh), and the current BTC exchange rate. The mining rig, Bitmain’s Antminer S19 Pro processes around 110 terahash per second (TH/s). The second-most profitable miner on Sunday is Microbt’s Whatsminer M30S++ with roughly 112 TH/s.
According to current BTC exchange rates, the Whatsminer 30S++ makes an estimated $9.12 per-day profit. The profits from these mining devices reached $13-16 per hour two weeks ago. Two weeks previously, the profits per machine was up to $25.
Following Microbt’s M30S++ machine, are three models from Bitmain stemming from the S19j series, which process between 96 to 104 TH/s. This trio of models makes an approximate $8.23 to $8.91 per daily profit. The sixth most profitable mining rig today is Microbt’s Whatsminer M30S+, which processes around 100 terahash per second.
With electricity rates of $0.12/kWh and current BTC exchange rate, the M30S+ can make $7.28 per daily. If electricity rates drop below $0.12 perkWh, it is difficult for many older Bitcoin mining machines to earn profits.
This is because older units like the Bitmain S9 are less profitable than when BTC prices were high and mining difficulty was lower.
How do you feel about how much profit miners make from the bitcoin price rise and the mining difficulty increases? Please comment below to let us know your thoughts on this topic.
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