Bitcoin Mining War Intensifies — Difficulty Hits All-Time High
The difficulty of mining Bitcoin reached a record 135 trillion this week. Miners require more computational power than ever to win a block, yet network hashpower has dropped since summer.
Mining Challenges Reach New High
After reaching 1 trillion hashes per second on August 4, network hashrate dropped to 967 billion, according to on-chain statistics. Miners have tighter margins due to growing difficulty and decreased hashrate.
Higher difficulty makes mining more expensive, and smaller enterprises with tight profit margins are particularly affected, according to reports.
Big miners may grow. Smaller teams don't. Machine, power, and maintenance costs mount up quickly. Concerns of concentration arise. As operating costs grow, bigger pools and organizations can bear the pain and keep hashing.
Despite such challenges, three lone miners won blocks in July and August, indicating the system still rewards people. Block subsidy is 3.125 BTC each block, reports say. Solo miner identified block 903,883 on July 3 and earned little about $350,000 in subsidies and fees.
On July 26, another single miner added block 907,283, earning almost $373,000 at the time. A sole operator mined block 910,440 on August 17, earning $373,000 in subsidies and fees.
Market and seasonality
Researchers suggest September has a dismal Bitcoin history, averaging -3.77% over 12 years starting in 2013.
Bitcoin lost six consecutive Septembers from 2017 to 2022. The run flipped in 2023, and 2024 was the strongest September ever at +7.29%.
In summary, the network's math is becoming harder as mining capacity drops. That tightens margins and drives centralization debates as size matters more.
Solo miners can win blocks, and market history reminds investors that seasonal tendencies contribute but do not guarantee results.
While the decline develops, miners and market analysts will follow difficulty, hashrate, and price movements.
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