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Bitcoin’s hashrate rose to an all-time high (ATH) this week hitting 166 exahashs per second (EH / s) on October 14. Meanwhile, despite the recent price hike and ATH hashrate on Wednesday, only a small group of next-generation mining rigs are taking advantage of current bitcoin exchange rates.
The price of bitcoin (BTC) is hovering just above the $ 11K region, and the network’s hashrate has hit a new ATH in recent days. At the time of writing, BTC’s hashrate fluctuates between 130 and 140 exahash per second (EH / s) and on Wednesday evening (ET) the metric surpassed 166 EH / s.
Interestingly, the rise continued despite the fact that BTC’s network difficulty also reached an ATH at 19.69T. This means that it is harder than ever to find a block that mines the BTC network, but this does not have a gradual hashrate overall. The next BTC difficulty change is expected to happen in a hair’s breadth over two days.
On Thursday, October 15, 2020, there are 18 known mining pools moving away from the chain and also a single unknown mining entity in the group. The top five mining pools on Thursday afternoon include Btc.com (23.9 EH / s), F2pool (20.6 EH / s), Poolin (18.7 EH / s), Antpool (15.9 EH / s) and Huobi (11.3 EH / s)).
Looking at the real-time mining hardware aggregator at asicvalue.com, with the filter set to $ 0.06 per kilowatt hour (kWh) and SHA256 miners only, the web portal shows that only 13 rigs are earning over $ 2 per hour today. day.
There are 30 SHA256 mining rigs earning $ 0.11 to $ 1.89 per day at $ 0.06 per kWh. If electricity costs have doubled to $ 0.12 per kWh, only two cars from the 43 mining rigs earning $ 0.06 per kWh will profit.
The two best machines include Bitmain’s Antminer S19 Pro (110 TH / s) and Microbt Whatsminer M30S ++ (112 TH / s). Whatsminer M30S + follows, respectively Antminer S19, Whatsminer M30S, Antminer T19 and AvalonMiner 1166 Pro.
A number of other cryptocurrency algorithms are showing greater profits than the SHA256 consensus algorithm. At the time of publication, the Equihash, Ethash, Tensority and Eaglestrong algorithms show higher profits for miners who mine these types of coins. Currently, miners mining SHA256 (BTC, BCH, BSV) coins need around $ 0.06 per kWh to reap decent profits in excess of $ 2 per day.
Also, it would be better for BTC miners if the price were $ 1,100 higher than today so that miners can recover from the May block reward halving. In February, blockchain analytics provider Tradeblock estimated a post-halving mining cost of around $ 12,500 per BTC.
Currently, the average coinbase reward value over the past 24 hours is around $ 71,390 per block with around $ 6,189 (0.54 BTC) in transaction fees. With BTC’s hashrate rising to new levels, the difficulty adjustment scheduled for October 17 will have increased a bit more than today.
What do you think of the BTC hashrate hitting all-time highs and the current profitability of the mining rig? Let us know what you think in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, asicminervalue.com, Coinwarz,
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