Bitcoin network difficulty has reached an all-time high, meaning securing the next block is harder than ever. However, asset prices are slipping in the wake of the U.S. regulatory crackdown.
Miners have to perform 39 trillion hashes (39T) to find the next block. Difficulty is often considered a measure of the computing power required to compete among Bitcoin miners or generate another block.
According to BitInfoCharts, mining difficulty has increased by 47% compared to the same period last year. This puts more pressure on miners.
#bitcoin The difficulty of mining has reached an all-time high of 39T.
Miners need to perform about 39 trillion hashes to find a block 🤯
Free Live Charts: https://t.co/dEnNrrD4l4 pic.twitter.com/AHc6am2x78
— Philip Swift (@PositiveCrypto) February 10, 2023
Latest Bitcoin Mining Data
Additionally, the Bitcoin hash rate is also close to its highest level. Bitinfocharts is currently reporting a hashrate of 300 EH/s (exahash per second), slightly down from a peak of 316 EH/s in late January.
Source: Bitinfocharts
Additionally, the hash rate has increased by 50% since February 2022. This is good news for network security, but bad news for BTC miners.
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As a result of these growing metrics, mining profitability has fallen to its lowest level in years. Mining profitability has dropped by 66% since February 2022, down to current levels of around $0.073 per terahash per second per day.
Additionally, Hash Rate Index refers to this metric as “hash price.” The analytics platform reported that the hash price hit an all-time low of $0.055 at the end of November 2022, and that during the spot bull market peak at the end of 2021, the hash price increased by $0.4.
BTC Hash Price | Hashrate Index
Bitcoin miners are currently facing a trifecta of low BTC prices, high difficulty and hash rate, and rising energy costs.
Bitcoin mining researcher Jaran Mellerud has observed that some public miners spend more than half of their income on equipment management. Those who are more frugal in this area are more likely to weather the storm.
some public #bitcoin Miners spend more than 50% of their income on management.
Others, like Hive, are more frugal. pic.twitter.com/hntttWauVI
— Jalan Mellerud (@JMellerud) February 9, 2023
On February 9, the mining company CleanSpark released its Q1 financial report. Despite the decline in revenue, the company is confident it will continue to expand this year through more acquisitions.
Additionally, Hut 8 announced its merger with Bitcoin Corporation of America earlier this week.
bitcoin price
Bitcoin prices took a big hit today, putting more pressure on miners. Shares fell as the SEC cracked down on Kraken’s cryptocurrency staking service.
BTC is down nearly 4% over the past 12 hours, falling to $21,870 at press time. Moreover, the asset has lost 7% in the past week as bears continue to pressure the market.
Source: TradingView
- Investors and Miners Profit Again as Bitcoin Soars Despite Difficulty Hitting New ATH
- Bitcoin Mining Profits Tighten as Difficulty Reaches New High
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According to Beincrypto
