The Bitcoin network continues to surprise observers with its resilience and adaptability. Despite an increase in mining difficulty and a decline in revenue, Bitcoin’s total hashrate is approaching its all-time high. This highlights the determination of miners to maintain their operations despite difficult economic conditions.
Despite the difficulty, Bitcoin Hashrate explodes!
On August 28, 2024, Bitcoin mining difficulty increased by 2.99%, from 86.87 trillion to 89.47 trillion. This increase makes it harder for miners to discover new blocks. At the same time, the price of BTC has dropped by 1.5% over the past week, despite a slight increase on September 4. Miner revenues remain low, with a current value of $41.69 per petahash per second (PH/s) of daily production. However, this value represents a significant improvement from August 5, when the price per petahash per day was $35.78.
Despite these challenges, Bitcoin’s total hashrate reached 665 exahashes per second (EH/s) on September 4, 2024, just 12 EH/s below its all-time high of 677 EH/s recorded on July 25. This increase in hashrate is an encouraging sign that miners are overcoming the revenue decline thanks to several key factors. These include high transaction fees collected during the fourth halving, new high-performance mining rigs delivering impressive terahashes per second (TH/s), and stock sales available to publicly traded mining companies.
Will BTC mining survive?
However, the question remains: how long can these factors sustain Bitcoin mining operations if the downward trend in revenues persists? Miners may have to explore innovative solutions to remain profitable, such as using renewable energy sources or diversifying their operations into sectors like artificial intelligence and high-performance computing.
Although the Bitcoin network faces significant challenges, the continued increase in hashrate demonstrates the resilience and adaptability of miners. This situation also highlights the importance of innovation and efficiency in the crypto mining sector to overcome economic and technological obstacles.
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