Bitcoin mining faced a significant ease in difficulty exceeding 5% on July 5, reaching a quarterly low of 79.50 terahashes (79.5T). This decrease stands as the most substantial drop since March when the difficulty briefly fell below 80T.
The difficulty of mining experienced a surge between March and May, surmounting to a record high of 88.10T before commencing a gradual decline to its current level at the time of writing.
Bitcoin Mining Difficulty:
Bitcoin mining difficulty is quantified in hashrate, reflecting the number of attempts a mining machine must undertake before unraveling the cryptographic puzzle crucial for unlocking an unrevealed bitcoin. Hashrates are recalibrated every 2,016 blocks, approximately every two weeks. Throughout Bitcoin’s existence, hash rates have predominantly escalated on a monthly basis with a few exceptions.
In 2014, for instance, hash rates hovered around 1.1 gigahashes, a range where most conventional desktop PCs could engage in mining. The efficiency and power consumption of a mining rig are directly proportional to its hashrate; the higher the hashrate, the greater the required power and efficiency for profitability.
In the latter part of 2017, as adoption surged, hash rates hit the terahash milestone for the first time. As of July 6, 2024, they remain stable at 79.5T until the subsequent difficulty adjustment.
According to mining pool F2Pool, under the prevailing difficulty of 79.5T, an ASIC rig with a watts per terahash efficiency rating of 26 or below would prove lucrative as long as Bitcoin’s value doesn’t descend below the $54,000 benchmark.
If Bitcoin’s value plummets, miners will necessitate more efficient rigs to sustain profitability. However, with a stable value, circumstances should remain favorable for major miners, particularly in regions offering energy incentives for mining operations.