Happy Sunday, y'all!
It was a flat week for hashprice and (almost) a flat week for Bitcoin's hashrate.
At $72/PH/day, hashprice is back to where it started at the beginning of the week despite Bitcoin declining 1.42% over the same period. Thankfully, transaction fees saw a bump this past week from renewed ordinal / inscription activity, and this is helping to keep hashprice above board as Bitcoin treads just below $30k.
Looking at hashrate, the network grew by barely a percentage point over the week. Month-over-month, Bitcoin's hashrate has only grown 3.3%, and its Q2-2023 growth was a modest 7.5%. Compare those figures to Bitcoin's year-to-date hashrate growth – a staggering 50% – and the summer seasonality affect on Bitcoin's hashrate is clear.
With Bitcoin's hashrate growth slowing, miners will be please to hear that the next difficulty adjustment will almost certainly be negative (barring some act of God or Nature). The current difficulty epoch is 80% complete, and our estimate forecasts a -3.85% adjustment this coming Wednesday.
Any day that a miner hashes above $70/PH/day is a good day, and if Bitcoin's price stays afloat, then the upcoming difficulty adjustment will ensure miners can enjoy this level of revenue just a little while longer
Bitcoin Mining Market Update
This week, miners saw elevated transaction fees from a spurt of ordinal / inscription activity, which gave a boost to BTC and USD denominated hashprice at the end of the week. There were no noticeable changes to ASIC pricing last week.
Bitcoin Mining News
Here are last week's top headlines for Bitcoin mining news:
- Crypto Insurer Evertas Buys Bitcoin Mining Cover Specialist Bitsure
- Reports Surface of MicroBT Using 3nm Chips in Whatsminer M56S++ Immersion Rigs
- SATO Technologies Corp. Refinances Existing Loan from Sygnum Bank AG
- Arkansas Senator Plans Bill in Effort to Reverse "Right to Mine" Act
- Bitfarms Expands Operations in Paraguay After Securing 2 Hydropower Contracts
- Argo Blockchain Raises $7.5M in Share Sale
Sponsored by Luxor
Luxor's Antminer firmware is here! LuxOS provides all of the fine-tuning miners have come to love from custom firmware and more, including 45+ API commands to give miners complete control over their mining rigs. Visit Luxor's firmware page to learn more.
Bitcoin Mining Stocks Update
Bitcoin mining stock prices are finally cooling off after back-to-back weeks of double digit growth for nearly every stock in our update. Our Crypto Mining Stock Index fell 7%.
Weekly changes to Bitcoin mining stocks:
- RIOT: $18.38 (-4.17%)
- HUT: $3.63 (-13.16%)
- BITF: $1.74 (-12.12%)
- HIVE: $5.32 (-11.89%)
- MARA: $16.88 (-7.11%)
- CLSK: $6.42 (-7.89%)
- IREN: $6.76 (-5.32%)
- WULF: $3.65 (+1.39%)
- CIFR: $4.34 (-11.79%)
- BTDR: $11.28 (-20%)
- SDIG: $7.84 (+0.38%)
New From Hashrate Index
Recently, the Luxor team had the pleasure of visiting one of MicroBT’s Bitcoin mines in Texas that was fully equipped with hydro and immersion Bitcoin mining rigs. These mines are featured in todays post to illustrate how these setups operate.
Have a great week, and Happy Hashing!
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