Mining Profitability Drops as Bitcoin’s Hash Rate Hits New All-Time High
Bitcoin mining rigs have struggled to maintain profitability as BTC reached a new all-time high (ATH) hash rate earlier in the week.
According to data compiled by BitInfoCharts, bitcoin’s hash rate reached a new ATH on October 14 at 156 exahash per second (EH/s).
Despite the increase in hash rate and network difficulty, bitcoin mining rigs–particularly the more common older generation models–are struggling to maintain profitability.
A report by Bitcoin.com claims miners are finding it more difficult than ever to turn a profit mining blocks on bitcoin’s network, with the next difficulty shift scheduled to occur on October 17.
The report found that only 18 known mining pools and one unknown pool have managed to hash away at the chain following the spike in hash rate.
Using data from real-time mining hardware aggregator asicvalue.com, the report showed just thirteen of the SHA256 mining rigs available to the market are profitable at the current rate, generating about $2 per day.
A report by Tradeblock in February estimated the price of bitcoin would need to be $12,500 post-halving in order for miners to break even. At its current price, the average base reward value has been around $71,390 per block, with close to $6,189 in transaction fees.