According to the latest analysis, several outdated bitcoin mining devices likely powered up in response to the sudden increase in bitcoin’s value. However, with the planned block reward halving, it is expected that approximately 100 exahash per second (EH/s) of processing power will be disconnected following the event.
Bitcoin’s overall computing power, as measured by the seven-day simple moving average (SMA) on Luxor’s hashrateindex.com, is currently at 596 EH/s, having reached a historic high of 628 EH/s on March 12, 2024. A recent analysis published on theminermag.com explores the potential resurgence of private mining operators.
“With the recent hashprice rebound, even an old mining machine like M21S could be making some marginal gross profits again at an energy rate of $0.07/kWh.” the report notes. “Hence, more private mining companies may have plugged in their machines again over the past few months ahead of the halving to squeeze more juice out of their idle older machines while they still can.”
However, the analysis also notes that as the halving date approaches, outdated application-specific integrated circuit (ASIC) bitcoin mining devices are expected to retire. According to the analysis, this scenario is dependent on the hashprice increasing drastically to 200 petahash per second (PH/s). If this occurs, older-generation miners may live a long life.
“Bitcoin’s average hashrate in October was around 450 EH/s and is 600 EH/s in March so far.” the report’s author estimates. The theminermag.com’s report concludes, “If we assume the majority of the hashrate increase since October came from older equipment, then we could see a hashrate correction to the low 500 EH/s levels after halving.”
As of March 23, 2024, the hashprice is $99.98 per petahash per second (PH/s) each day, an increase from just a few months prior. Additionally, bitcoin mining revenue for March has already eclipsed that of February, despite the month not yet concluding. Last month, bitcoin miners made $1.39 billion in block rewards and fees. According to data from Saturday afternoon, bitcoin miners have already collected $1.44 billion in total fees and block subsidies in March.
At block height 835,953, only 4,047 blocks left before the fourth halving event, which will reduce the block reward from 6.25 bitcoins per block to 3.125 BTC per block post-halving. Furthermore, just 691 blocks remain until the next difficulty adjustment, with one more additional difficulty change expected before the halving happens. The halving is now 28 days away, with an expected date of April 20, 2024.
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