Bitcoin (BTC) Mining Is Harder Than Ever

2 years ago · Updated 2 years ago

✍️ 14 October, 2022 - 10:43 👤 Editor: Jakub Motyka

BTC hashrate is at the highest levels as bearish crypto market continues.
Mining revenues have dipped to record lows, but experts express optimism.

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Bitcoin (BTC) hashrate reached 244.25 EH/s on October 3, according to data from Glassnode. The jump to the ATH happens amid an ongoing bearish market. The report also shows that some of the largest miners in the past week are Antpool, F2Pool, ViaBTC, and BinancePool.

Amid high hashrate, Glassnode projects an increase in BTC mining difficulty to between 3% and 10%. The mining difficulty for September alone reached 32.05T before dropping to 31.36T as of last week. Blockchain expert, BitcoinIsaiah, commented that the hashrate was up 84% year-to-date. The surge is despite a price drop of 72% in BTC.

Bitcoin Mining Revenue Adversely Affected Amid The Crypto Rout

BTC mining revenues have been negatively affected, according to data from Blockchain.com. Mining gains dipped 72% in the past year to less than $20 million daily. Comparatively, the amount was $62 million a day in the same period of last year.

Taking a step back, the BTC hashrate dropped to 200 EH/S in August. This is despite more machines entering the space and a significant upgrade in mining equipment. Bitcoin miners have been affected by the energy crisis and the ongoing bearish market. Here is how long it takes to mine one Bitcoin.

Public Miners Record Below Average Performance

Public mining firms have registered a historic downturn. YCharts data shows a $14 billion loss since the beginning of the year. Eastern Europe's political instability and a challenging business environment have pushed miners to bankruptcy. One such entity is Compute North, which filed for chapter 11 bankruptcy at the start of September.

Macroeconomic factors, including the hiking of interest rates, are also to blame for the trend. Industry experts maintain that the mining sector could remain bullish anyway. They cite the fundamental aspects among the major miners. One such firm is Cleanspark, which recently acquired a 36-megawatt site in Georgia.

Another miner, Rhodium, is reportedly planning to go public. The experts believe that miners are bound to keep growing as long as bitcoin maintains a bullish trajectory. At press time, BTC was trading at above $19k. The price represents a 3% growth in the past day. Equally, ETH has increased by 4% in the same period.

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Jared Kirui

EN: Jared Kirui is an experienced financial writer with a passion for all things blockchain technology. Previously, he was into stock markets and forex, providing asset managers with top-notch content. With a flair for producing high-quality articles, he started covering crypto news in 2021. He is open-minded, trades for fun, and enjoys sports.

ES: Jared Kirui es un escritor financiero experimentado apasionado por todo lo relacionado con la tecnología blockchain. Anteriormente, estuvo en los mercados bursátiles y forex, brindando a los administradores de activos contenido de primer nivel. Con un don para producir artículos de alta calidad, comenzó a cubrir noticias crypto en 2021. Tiene una mente abierta, comercia por diversión y disfruta de los deportes.