Happy Saturday, y’all!
We’re back above $30k after dipping briefly below this week, and network stats are (slightly) better for it, especially considering that last weekend’s difficulty adjustment nudged us closure towards a better profitability / difficulty equilibrium.
The price bump has given a boost to older generation rig prices, but on-chain transaction volume is still low so miners aren’t making much in fees currently.
Now to the data before your coffee cools.
- Bitcoin Price (24H): $33,806
- Hashprice (TH/s/day): $0.315
- Average Fee Percentage per Block (24H): 1.26%
- Network Hashrate (7-day SMA): 97.97 EH
Bitcoin’s Hashprice received a bump from the July 17 difficulty adjustment, only to falter over the week with Bitcoin’s price. With price around $33,000, Hashprice is currently $0.315.
Price and Difficulty
At 13.67T, Bitcoin’s difficulty is lower than levels we saw on the first day of the new year in 2020.
July 17’s downward adjustment is the 4th such in a row and the 6th negative adjustment of 2021 out of 14 total adjustments. For the first time since China’s hashrate went light’s out, we’re anticipating next week’s adjustment to be positive, a roughly ~1.75% increase.
BRRR (Emission Schedule)
Transaction fees were hit hard last week following the difficulty adjustment as Bitcoin’s price went below $30,000. On some of the worst days, fees constituted under 2% of miner rewards, while the average fee percentage last week was roughly 2.5%.
Interestingly, there were a succession of blocks on Friday that bucked this trend. Despite a low volume, low-fee mempool, block 692267 recorded a 2.8 BTC block reward, while the next two blocks netted 1.64 BTC each in fees.
When we chart daily block fees, the anomalies stand out like skyscrapers amid their low-fee peers.
- Capex/TH (<35J/TH): $61.39
- Estimated Payback Period: 226
Rig Price Index
The price per TH for rigs rose for all buckets except for the most efficient machines.
Over the past week, the average prices for the following efficiency buckets changed:
- Under 38 J/TH: $62.32 (-1.5%)
- 38-60 J/TH: $46.24 (-3.5%)
- 60-100 J/TH: $23.7 (+3.8%)
- Over 100 J/TH: $16.16 (+2.2%)
Rig prices have fallen week-over-week for over two months in response to China’s mining crackdown and Bitcoin’s price plunge. The modest increase in prices among older machines may be a bellwether that the market has reached a floor (for now), or the blips could just be briefly bucking a continued downtrend (in addition to miners finding rack space for machines sloshing around in the market right now, Bitcoin’s price over the next few months will be a big contributing factor in whether or not we go up or down from here).
Breakeven Rig Efficiency Threshold
Miner breakeven thresholds have risen a bit since last week:
- $0.02 kWh: 657.38. W/TH
- $0.04 kWh: 328.69 W/TH
- $0.06 kWh: 219.13 W/TH
- $0.08 kWh: 164.35 W/TH
- $0.10 kWh : 131.48 W/TH
Profitability of Popular SHA-256 ASIC
The current daily rewards of the more popular bitcoin miners are:
- Antminer S19 Pro: $34.62
- Antminer S19: $29.90
- Whatsminer M30S++: $35.25
- Whatsminer M30S: $27.70
- Antminer S17+: $22.98
- Whatsminer M20S (70TH): $22.03
- Antminer S9: $3.62
.Happy Hashing, and have a great weekend!
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