![]() The fact is that in the meantime much more efficient machines have come on the market, that is, machines that produce more Th/s for the same expense. The current level, however, is still higher than the $0.05 per day per Th/s touched in late 2022, when the price was less than $16,000 and the hashrate less than 200 Eh/s. This has significantly reduced profit margins, with profitability falling from $0.08 per THash/s per day to the current $0.06. In other words, costs have increased, but revenue has not increased accordingly. The problem, however, is that hashrate has been increasing more than the market value of BTC since August now, thus reducing the profitability of mining. As the price rose back above $25,000 during 2023, hashrate growth began again. In fact during the last months of 2022, when the price of BTC fell below $16,000, the hashrate went from 227 Eh/s to 197 Eh/s. Since mining has high costs, and since the BTC that is cashed in is more or less always the same, if the market value of Bitcoin goes down, expenses need to be reduced, and this is done by shutting down some machines. It should be remembered that hashrate depends on the price of Bitcoin, because all mining takings take place in BTC. This makes it clear why the hashrate increases so slowly, in the face of much larger and faster price movements instead. So to go even from 400 to 450 Eh/s requires more than 140,000 machines of maximum power. Moreover, a single machine only goes up to a maximum of about 350 Th/s, which is less than one millionth of the total 450 Eh/s. In order to grow the hashrate it is necessary to produce, purchase and activate new, increasingly powerful machines, which have a cost that is not at all affordable. The fact is that hashrate can only grow very slowly. Instead, the hourly peak occurred on 10 October, at the remarkable rate of 531 Eh/s. Note that during the 2021 bullrun it had never even risen above 200 Eh/s, so the current value is more than two and a half times that of the period when all-time high prices were recorded.Īdded to this, the daily peak occurred on 11 October, but it was not above the all-time high of 15 September. In October, for the first time in history, it also crossed the 450 Eh/s threshold. ![]() This is the estimate of the average of the last seven days, and it has been rising since the very last days of 2022.Īt the beginning of 2023 it had risen above 270 Eh/s, after the drop following the FTX bankruptcy, but by the end of the month it had already jumped to nearly 300 Eh/s, recording a new all-time high.ĭuring 2023 it practically did nothing but rise, rising first to 350 Eh/s in March, then to 400 Eh/s in July. In the specific case, the estimate of the maximum peak at 456 Eh/s is from Hashrate Index. So they vary depending on who computes them. It is necessary, as usual, to reiterate that these numbers are not just point detections, or precise calculations, but only estimates. ![]() Taking weekly averages as a reference, the highest peak was reached on 12 October, at 456 Eh/s.
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