Noti Hash is CryptoNoticias’ Bitcoin mining newsletter. It is published on our website every two weeks, being today, Thursday, September 9, 2021, the third edition to be published, at block height 699.830.
The great migration of Bitcoin miners from China to the United States, mainly, and other latitudes, continued during the month of August 2021. The increase of the hash rate (mining power) and the difficulty of mining Bitcoin suggests that more hardware is connecting to the network to do this activity .
On the other hand, the transaction fees in Bitcoin have been really low during the months of June and July; possibly due to low network congestion.
This undoubtedly affects the finances of miners, who have reduced their income in terms of commissions paid by users, while still receiving the newly created 6.25 bitcoin (BTC) with each block added to the chain (blockchain).
However, the increase and stabilization of the price of BTC during July and August at USD 40,000 it could be protecting the miners’ investments and businesses for the time being. BTC already exceeds USD 46,000 per unit, according to the CriptoNoticias price calculator.
In the following graphs provided by Glassnode we will see how the miners have returned to the levels of previous months in terms of profitability, although the commissions only represent 2% at this time of your daily income , on average.
Bitcoin mining difficulty increases for the fourth time in a row
In our past Noti Hash, we noticed the upward trend in the hash rate and the difficulty of the Bitcoin network, factors that, as of press time, continue to increase.
According to data from Bitcoin Visuals, Bitcoin’s current difficulty is at 18T, not far from its all-time high of 25T reached on May 13, 2021.
The more Bitcoin’s recent difficulty adjustment occurred at block 699,552, on September 7, 2021. The estimated date for the next adjustment is September 20.
Regarding the hash rate , the ability of miners to process transactions and confirm them successfully, has been increasing since June this year.
But the hash rate It has also gone through periods where its increase accelerates, such as the drastic increase it had during the first week September .
According to YCharts, the hash rate increased from 119 exahashes per second (EH / s) on September 1, to 150 EH / s on September 6, 2021, a significant increase for a short period of days. Currently the mining power of Bitcoin miners is at 129.91 EH / s , according to the same source (which measures them on the scale of Terahashes per second as 129 million (M) TH / s).
Regarding the mining pools , AntPool, Poolin and ViaBTC retain the top three spots respectively, according to BTC.com. While groups like Foundry, Binance and Huobi hold their position as relatively new, but high-participation pools .
ASIC equipment reduces their profitability, but increases in price
In the previous issue of Noti Hash we commented that the profitability of specific application equipment (ASIC) for mining Bitcoin maintained good levels of profitability. However, this would have been substantially reduced, according to data from NiceHash.
The Bitmain AntMiner S19 Pro , one of the equipment with the highest capacity on the market, is generating around USD 25 per day, when in our last report we indicated that this figure was USD 42 per day.
It should be remembered that the profitability of a mining equipment or hardware has many variables, such as the cost of electrical service, the age and performance of the equipment, in addition to the taxes paid in your jurisdiction and also operating expenses (labor, maintenance, logistics, repairs, etc.).
For its part, the MicroBT Whatsminer M30S it was generating USD 33.61 daily, but now it would generate close to USD 20 daily. Meanwhile, the classic Bitmain AntMiner S9, which still maintains good profitability despite its age, generates 2.72 USD per day, against the USD 6 it generated two weeks ago.
Mining hardware prices are increasing and will continue to rise as well. CriptoNoticias reported that Bitmain would increase the cost of its equipment by 20% by 2022 , due to the fact that the main manufacturers of micro processors and integrated circuits (chips) would do the same.
Despite these costs, more and more people would be venturing into Bitcoin mining from their homes. This is evidenced by the fact that dozens of people have installed Bitcoin mining hardware in their homes , with ingenious consumer alternatives and energy saving, as we report in CriptoNoticias.
