Bitcoin miners have reason to celebrate as September comes to a close, with hashprice experiencing a significant 10.33% increase over the past 30 days. What’s even more impressive is that nearly 9% of that bump occurred in just the last four days. This boost in hashprice, which refers to the estimated daily earnings from 1 PH/s of Bitcoin’s hashpower, comes as a welcome relief after a sluggish period in August.
As of August 29, 2024, mining revenues were lackluster, with hashprice stagnating at $42.98 per petahash per second daily. However, fast forward to today, and miners are enjoying a hashprice that is 10.33% higher. This increase can be attributed to a combination of factors including a rise in BTC’s price and a 4.6% reduction in difficulty on September 25.
Speaking of Bitcoin’s price, on September 29, 2024, BTC was trading between $62.5K and a little over $63K. By Sunday, the price had inched up to $65.7K, pushing today’s hashprice up to $47.42 per PH/s. While these developments have been a boon for miners, the hashrate remains relatively stable at 631 exahash per second, just 10 EH/s above the low point recorded earlier in the month.
Block intervals have been slower than the 10-minute average, clocking in at 10 minutes and 16 seconds. The next difficulty adjustment is scheduled for October 10, 2024, and with the current slower block times, we may see a drop in difficulty by around 2.74% to 2.9%. However, with just over 35 hours left in September, miners may struggle to reach the revenue numbers achieved in August.
In August, bitcoin miners generated $851.36 million in total revenue, but so far this month, they’ve only made $761.79 million. This leaves them needing to earn an additional $89.57 million in subsidies and fees before the month ends. It’s clear that miners face ongoing challenges in maintaining profitability amidst fluctuating conditions, setting the stage for new tests in the coming month.
The boost in hashprice at the end of September is certainly a positive development for bitcoin miners. As we look ahead to October, it will be interesting to see how miners adapt to changing market conditions and continue to navigate the ever-evolving landscape of cryptocurrency mining. Share your thoughts and opinions on this topic in the comments section below.