After reaching an all-time peak on June 8, 2022 at block height 739.928, Bitcoin’s hashrate has been declining in recent years. The hashrate fell from 243 exahash per seconds (EH/s), to today’s 178.44, losing 26.56% in that time period. The difficulty adjustment algorithm (DAA), which has experienced two consecutive drops, is expected to drop once again in approximately 11 days or 1,600 blocks.

Bitcoin’s Hashrate dropped 26% within 30 days after the June 8 All-Time High.
Bitcoin miners aren’t seeing the same profits as they did one month ago due to lower bitcoin prices (BTC). A block subsidy value of $136,625 is calculated using today’s Bitcoin exchange rates. The hashrate has been at 213.8 exahash per minute (EH/s) for the past 90 days.

The hashrate reached a peak of 292.02 EH/s on June 8, 2022 at block height 739.928. Today it is much lower at 178.44EH/s. The last month’s statistics show that BTC hashrate dropped 26.56% compared to the average of the first week in June.

Bitcoin hashrate via Coinwarz.com, July 9, 2022
Bitcoin is currently at a lower price and hovering around the $21K area, but Bitcoin miners are enjoying a break after two downward adjustments to their DAA. It was 3.76% easier for BTC block to be found in the last two DAA shifts. The next DAA change will likely decrease by 0.13%.

There are still 11 days before the next DAA update. The time it takes for 2,016 blocks to be found will decide if the DAA changes. The Bitcoin network has seen six decreases and four increases since March 3, 2022.

Crunchtime: There are less than 100K blocks left until the next block subsidy halving
Miners discovered 4,216 block subsidy rewards, despite the fact that the hashrate has fallen by 26% in the last 30 days. Foundry USA was the largest with 959 blocks and 22.75% of global hashrate.

Antpool followed Foundry, which captured 14.61% global hashrate. Antpool discovered 616 blocks and took home 14.61%. Today, there are 14 BTC-mining pools. Unknown hashrates or stealth miners received 56 block rewards last month, which is 1.33% of the 30-day havehrate.

The reward halving is less than 100K blocks away (95,699 blocks away at press time). Miners will see their revenues cut in half at this point. The halving will occur 647 days after the halving.

Bitcoin miners will receive 3.123 BTC per bitcoin block, compared to the 6.25 BTC block reward. The metrics on Saturday, June 9, 2022 show that the profitability of mining rigs at $0.12 per hour (kWh) is low.

Bitmain Antminer 19 XP is today’s most profitable ASIC mining rig. It produces 140 Terahash per Second (TH/s). Antminer S19 XP generates $5.13 in profit with $0.12 per kWh electrical cost.


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Angie Byrd