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Bitcoin’s hashrate has declined in recent times after reaching an all-time high on June 8, 2022, at a block height of 739,928. 30-day statistics show that the hashrate has fallen from 243 exahash per second (EH / s) to today’s 178, 44 EH / s, and lost 26.56% during that time frame. After two falls in a row, the difficulty adjustment algorithm (DAA) is expected to fall again about 11 days from now or 1600 blocks away.
Lower bitcoin (BTC) prices have affected bitcoin miners who do not see the profits they once made a month ago today. Using current BTC exchange rates, a block subsidy value is worth $ 136,625 per block, and over the last 90 days, the hash rate averaged around 213.8 exahash per second (EH / s).
On June 8, 2022, the hash rate dropped to a height of around 292.02 EH / s at a block height of 739,928 and today it is much lower at 178.44 EH / s. Statistics recorded in the last month indicate that BTC’s hashrate fell 26.56% lower than the average after the first week of June.
While BTC’s price is lower and hovers just above the $ 21K region, BTC miners have taken a break during the last two DAA changes after seeing two downgrades. The last two DAA shifts made it 3.76% easier to find BTC blocks, and the next DAA change is expected to fall again 0.13% lower.
However, there are still 11 days left until the next DAA change, and the time it takes to find 2016 BTC blocks will determine whether the DAA goes up or down. Since March 3, 2022, the Bitcoin network has registered six downgrades and four increases.
While the hash rate has dropped by 26% over the past 30 days, 4,216 blockchain rewards were discovered by miners. Foundry USA found the most with 959 blocks found last month and around 22.75% of the global hash rate.
Foundry was followed by Antpool which captured 14.61% of the global hash rate and discovered 616 blocks last month. There are 14 known BTC mining basins today, and unknown hashrate or stealth miners achieved around 56 block rewards last month, corresponding to 1.33% of the 30-day hashrate.
There are less than 100,000 blocks left until the next halving of the reward (95,699 blocks away at press time) and miners will see revenue halved by that time. The halving is expected to take place around 16 April 2024, which is 647 days away.
After that date, bitcoin miners will receive only 3,123 BTC per block compared to the current 6.25 BTC block reward. Calculations on Saturday, June 9, 2022 indicate that the profitability of mining rigs of $ 0.12 per kilowatt hour (kWh) is low.
The most profitable ASIC mining rig today is the Bitmain Antminer S19 XP which produces 140 terahash per second (TH / s). Antminer S19 XP earns an estimated $ 5.13 in profits with electrical costs of $ 0.12 per kWh.
What do you think about the hash rate falling? Tell us what you think about the state of bitcoin mining over the last 30 days in the comments section below.
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