During this period, Bitcoin’s hash rate has also been steadily increasing.
Bitcoin mining difficulty increased by 3.6% on September 11, reaching an all-time high of 92.67 trillion, according to data from CryptoQuant. This rise comes amid continued declines in miner profitability, adding pressure to firms already struggling since April’s halving event.
Bitcoin Mining Difficulty
Bitcoin’s mining difficulty adjusts every two weeks after the completion of 2,016 blocks to ensure consistent block discovery times. A higher difficulty means miners need more computational power to mine each block, which often signals more miners joining the network and raising the overall workload. Increased difficulty also strengthens the blockchain by making it more energy-intensive to launch network attacks.
Alongside this, Bitcoin’s hash rate is also steadily climbing, currently averaging 693 exahashes per second (EH/s) based on a seven-day moving average. The hash rate measures the computational power miners use to process transactions and solve the cryptographic problems needed to add new blocks to the blockchain.
Declining Hashprice
Meanwhile, Bitcoin’s hashprice—an indicator of miner revenue—has fallen to a record low of under $40 per petahash, according to data from the Hashrate Index. Hashprice reflects how much miners earn based on the computational power used for mining.
Nico Smid, founder of Digital Mining Solutions, noted, “Hashprice tried rebounding but was pushed back down to its historic lows by the difficulty adjustment.” The continued drop in profitability has forced some mining operations, especially those operating at a loss since the April halving, to diversify their business models. Some miners have begun providing services to AI companies as a way to offset losses.
However, Luxor Technology highlighted that Fractal Bitcoin, a scaling solution native to Bitcoin, could offer miners an additional $1.41 in revenue per petahash per day. The firm explained:
“The coinbase reward on Fractal is 25 coins per block. Currently, the market values Fractal Bitcoin (FB) at around $15 per coin, meaning miners could earn $360,000 daily from the 960 blocks mined.”
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