Hashrate Growth Since Halving

The cornerstone of our latest research report is the idea that hashrate/difficulty growth is slowing down. This trend is in full effect thus far in this halving epoch. Since the halving five months ago, total network hashrate is down ~2%.

• Hashrate (14DMA) on Halving Day: 637.7 EH/s

• Hashrate (14DMA) today, Sept 23rd: 624.0 EH/s

Continued “diminishing returns” in hashrate growth this cycle creates a huge opportunity for incumbent #Bitcoin miners if/when BTC price begins to rip.

> Price grows by (X%) in (Z months)

> Hashrate grows by (X – Y%) (Z + 12 months)

Excluding the “China Mining Ban” of 2021, this is just the 4th instance in the past four years in which the 5-month growth rate of hash/difficulty dropped below zero. The prior times were the post 2020-halving capitulation, and the miner capitulations during the 2022 bear market.

Dropping Mining Difficulty

With that said, mining difficulty is poised to drop by almost 5% this week!

This 5% move in hashprice parlayed with Bitcoin’s ~20% price appreciation over the past two weeks will result in a hashprice of ~$.046!

Mining Economics at Hashprice $0.046

Here’s a table breaking down the revenue, costs, and APY of various ASIC models after the coming difficulty adjustment, with a $0.078/kWh electricity rate.

The S21 Pro stands out righ5t now with its 15 W/Th efficiency and a BTC breakeven price of ~$38,400. “BTC Breakeven” can also be thought of as the cost of production. So while spot buyers pay ~$63,000 per bitcoin, S21 Pro miners are paying ~$38,000 in electricity per bitcoin.

Blockware Direct ASIC Pricing with Hosting

We have 100s of ASICs available for purchase right now on the Blockware Marketplace! Machines are sold turnkey which means you’ll be hashing as soon as your BTC payment is confirmed on-chain! Click here to start mining today.

For those seeking to purchase ASICs in bulk (with or without hosting), contact sales@blockwaresolutions.com or reach out here. Buying machines in bulk gives you access to better per-unit pricing than buying individual machines!

Contact sales@blockwaresolutions.com or reach out here.

All content is for informational purposes only. This Blockware Intelligence Newsletter is of general nature and does consider or address any individual circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal, business, financial or regulatory advice. You should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.