Monday Mining Metrics: Bitcoin Price Down, Mining Difficulty Down
Bitcoin Mining Update - 1/15/2024
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Transaction Fee Market
Witnessing the transaction fee market shake out in real time has been a fantastic case study into true, free-market dynamics.
Two weeks ago transactions in the mempool began to clear. However, as soon as the 20-30 sat/vByte transactions were getting included, fees were been bid up again.
Fees will remain volatile in the future. This will bode well for Bitcoin miner profitability. If you plan to send any Bitcoin transactions, keep an eye on the mempool and, if you can afford to wait, send your TX during periods of lower fees (~40 sat/vByte).
Difficulty Poised to Drop by ~2.27%
With the recent drop in the price of Bitcoin combined with the mania in fees somewhat subsiding, mining difficulty is now projected to decrease at the next adjustment.
Volatility in the Bitcoin price will have a short-term correlation with volatility in hashrate/difficulty as some miners are teetering on the edge of profitability.
Miners with efficient ASICs and low power costs have remained profitable despite the drop in Bitcoin’s price. The surviving miners will now be better off because of the decrease in mining difficulty; benefiting at the expense of those who had to unplug.
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