Monday Mining Metrics: Difficulty Drops by 3.9%
Monday Mining Metrics: Difficulty Drops by 3.9%
Bitcoin Mining Update - 1/22/2024
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Transaction Fee Market
This past week we’ve seen the transactions in the mempool continue to pile up. It’s now been about four months since transactions with a 1 sat/vByte rate made it into blocks.
All signs point towards fees on-chain fees remaining elevated throughout 2024. This boost in revenue will be very helpful to Bitcoin miners as the block subsidy drops to 3.125 in April.
Difficulty Drops by 3.9%
Hashrate/difficulty has ticked down over the past two weeks; likely due to miners unplugging in the wake of the recent dip in the price of Bitcoin.
This highlights the benefit of mining with efficient machines and/or low energy costs. When weaker miners unplug, difficulty adjusts down, and surviving miners are able to acquire more BTC than they would have otherwise.
S19 XPs Positioned to Survive the Halving
S19 XPs at an 8 cent/kWh electricity rate are currently producing 1 BTC for ~$21,000 worth of electricity. Even if the BTC price remains flat over the next few months, S19 XPs at an 8 cent rate will remain profitable through the Bitcoin halving, assuming a slight drop in difficulty from the capitulation of weaker miners.
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