Bitcoin Mining Analysis: Brought to you by Pantheon Mining
August to September
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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 the trajectory of Bitcoin mining difficulty from 13th August 2024 to 16th September 2024. The difficulty remained constant at 90 terahashes (T) until 25th August. On 26th August, there was a significant increase, where the difficulty escalated sharply to 91T and maintained this level until 9th September . On 10th September, another substantial jump occurred, pushing the difficulty to a new level of 92T.
This chart indicates two distinct upward adjustments in the network's mining difficulty, suggesting an increase in the computational power involved in mining. The periods of stability following each increase likely indicate that these new levels of difficulty have been sustained, pointing towards continuous mining operations and potentially more efficient mining technologies or greater miner participation.
As of the latest update on 16/09/2024, the mining difficulty stands at 92T, with no changes observed in the recent period. This stability post-adjustment suggests a consolidation phase where the mining network adapts to the new difficulty levels.
Bitcoin hashrate, Source: Coinwarz
The chart illustrates the trajectory of Bitcoin's hashrate from 13th August 2024 to 16th September 2024, capturing considerable fluctuations in mining activity, with values ranging between approximately 500 EH/s and 850 EH/s.
The hashrate starts at a moderate 643.36 EH/s on 17th August, then sharply rises, reaching 736.52 EH/s by 18th August. It continues to climb, peaking at 797.44 EH/s on 23rd August, before experiencing a significant drop to 489.70 EH/s by 27th August. The hashrate rebounds quickly, ascending to 778.80 EH/s just a day later on 28th August, but then declines again to 536.41 EH/s by 30th August.
In September, the hashrate exhibits pronounced volatility, surging to 793.03 EH/s by 3rd September and reaching the highest point of 845.65 EH/s on 8th September . However, by 16th September, it diminishes to 599.16 EH/s.
Miner Revenue, Source: Blockchain.com
Miners' revenue closely follows market price trends but with more pronounced fluctuations. It starts at about $29.96 million USD on 18th August, peaks at around $36.48 million USD on 22nd August, and then drops sharply to about $22 million USD by 28th August. Another peak occurs on 2nd September, reaching about $32 million USD. The revenue declined significantly through early September, hitting a low of approximately $19.60 million USD on 11th September before recovering slightly to about $28.78 million USD by 15th September.
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