Bitcoin Mining Analysis: Brought to you by Pantheon Mining
Mid-July to Mid-August
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This monthly report offers insights into the current state of Bitcoin mining, including difficulty adjustments, hashrate fluctuations, and miner revenue trends.
Bitcoin difficulty chart, Source: Coinwarz
The chart shows Bitcoin mining difficulty from 13/07/2024 to 13/08/2024. The difficulty stayed at 80 terahashes (T) until 19/07. On 20/07, it jumped to 85T, holding steady until 31/07. Another sharp rise occurred on 01/08, pushing the difficulty to 90T.
This pattern reveals two precise upward adjustments in the network's mining difficulty, reflecting increases in computational power. The stability after each increase confirms these adjustments are lasting due to more miners joining the network and improved mining efficiency.
As of block 856,586 today, the difficulty is 90.67T, which has stayed the same in the last 24 hours.
Bitcoin hashrate, Source: Coinwarz
The chart displays Bitcoin's hashrate from 15/07/2024 to 13/08/2024. The hashrate fluctuates significantly throughout this period, ranging from approximately 500 EH/s to 800 EH/s.
The hashrate starts around 600 EH/s in mid-July, then experiences a sharp increase to nearly 800 EH/s around 22/07. After this peak, it drops back to about 600 EH/s by 25/07. The hashrate then gradually increases, reaching another peak of about 750 EH/s around 30/07.
The hashrate fluctuates throughout early August, with notable peaks around 05/08 and 11/08, reaching close to 750 EH/s. The current hashrate, as of 13/08/2024 at 11:58 AM UTC, stands at 576.81 EH/s.
Miner Revenue, Source: Blockchain.com
Miners' revenue closely follows the market price trends but with more pronounced fluctuations. It starts at about 31 million USD in mid-July, peaks at around 40 million USD on 23/07, then drops sharply to about 30 million USD by 26/07. Another peak occurs on 30/07, reaching about 40 million USD again. The revenue declined significantly through early August, hitting a low of approximately 24 million USD on 08/08 before recovering slightly to about 30 million USD by 13/08.
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