Bitcoin miners aren’t having a great time right now. Mining difficulty is at an all-time high. This means that more computing power is needed to successfully process a block and make a profit.
If you didn’t know, the mining difficulty indicates How complicated is it to find the hash? to add a new block to the network. This difficulty is adjusted approximately every two weeks (or every 2,016 blocks) to ensure that the block mining time is about 10 minutes. As the hashrate increases, the difficulty increases and vice versa.
High mining difficulty and hashrate: the perfect storm for Bitcoin miners
At the time of writing, Bitcoin mining difficulty is 92.67 Taccording to data from ViaBTCthe third largest mining pool in the world. With hashrate and difficulty skyrocketing, miners’ earnings are at an all-time low.
But it’s not all bad. A high hashrate is good for Bitcoin. In what sense? It makes the network more secure, as it makes cyberattacks more difficult. So, a high hashrate is good for users, but it’s bad for miners. Two sides of the same coin.
Coming back to the complicated landscape facing miners, there are other variables at play. One of them is this year’s halving, which occurred in April. The halving is a hard blow for miners, as it halves their reward, which is currently 3,215 BTC until 2028.
In addition, since the end of August, the hashpricea measure indicating miners’ revenue per hash, It is at its historical low, 0.039 dollarsaccording to data from Brains.
All of these factors, combined with the high volatility of Bitcoin in recent weeks, have put miners in a bind as they are unable to make enough profits to make the activity profitable.
A tool to evaluate mining profitability
The good news is that all is not lost. There are several ways to survive this harsh storm if you are a Bitcoin miner. In case you want to know if it is still profitable for you to mine a coin, ViaBTC has a yield calculator which is completely free.
Based on the cryptocurrency price, difficulty and PPS fee, the calculator tells you what your estimated daily profit would be. In addition, the pool also offers a earnings ranking which showcases the currently most profitable rig models. It shares data such as rig hashrate, power consumption, wattage, daily performance, energy expenditure, daily net profit, and more.
Of course, while these tools can help guide you, you need to take other measures to make Bitcoin mining profitable even under adverse conditions. For example, lone wolves are at a disadvantage in this scenario. Many times It is more profitable to join a mining pool.
Of course, it won’t be effective to join just anyone. You need to analyze data such as the pool’s market dominance, its hash rate, and the number of blocks. Mempool.space You will find a ranking of the best pools. In the case of ViaBTC, it occupies the third place, with a hash rate of 76.45 EH/s and 17 blocks, which represents 13.28% of the total blocks.
If you want more information about ViaBTC and the advantages it offers to its miners, you would do well to visit their website.
