Bitcoin hashrate is going bananas
11.9% difficulty adjustment?
Halfway through the current difficulty epoch, bitcoin’s hashrate has increased so much that it has accelerated the average block production interval to about 8 minutes and 56 seconds. That is 11.9% faster than the intended 10-minute-per-block interval.
Following a strong market rebound from $55,000 that began in mid-July, bitcoin’s seven-day moving average hashrate has climbed up from a local low of 558 EH/s to an all-time high of 662 EH/s. The increase of 100 EH/s within a month is the equivalent of plugging in 500,000 units of Bitmain’s Antminer S21 into the network.
Although the next difficulty retargeting is a few days away, the current block production interval suggests the next adjustment could see a notable difficulty jump by over 11% to set a new record above 90 trillion for the first time. That would also be the single largest adjustment since October 2022.
Publicly traded bitcoin mining companies have likely been a major force pushing the hashrate as recently they began plugging in batches of newly arrived new-gen ASIC miners from their pre-orders placed since Q3 last year.
15 public mining companies tracked by our research arm TheMinerMag installed 15 EH/s additional hashrate in June compared to May.
The combined market share for bitcoin production by mining pubcos. returned to 21.4% in June, the highest since December. It appears that they are on track for further consolidation this month. In July so far, Marathon’s MARA Pool alone mined 170 bitcoin blocks with an average of 7.08 blocks per day, which was 35% higher than that in June.
And public miners are not slowing down. Over the past week alone, HIVE announced an expansion plan of 100 MW in Paraguay. UAE’s Phoenix Group is doubling down on the U.S. with 25 MW in South Carolina, while Riot acquired Block Mining to expand 60 MW in Kentucky with a plan to scale that up to 110 MW this year.
Regulation News
Council reaffirms denial of crypto mining permit - Brainerd Dispatch
Hardware and Infrastructure News
HIVE to Expand Bitcoin Mining Capacity by 100 MW in Paraguay - TheMinerMag
UAE Bitcoin Miner Phoenix Adds 25 MW in South Carolina - TheMinerMag
Iris Energy Increases Childress Capacity from 600MW to 750MW - Link
Solo Miner Mines Bitcoin Block with 3 TH/s Hashrate - TheMinerMag
Corporate News
MARA Pool Ramps up Bitcoin Production as Uptime Improves - TheMinerMag
Marathon Set to Appeal $138 Million Bitcoin Mining Verdict - TheMinerMag
Swan Bitcoin Drops IPO Plan, Cuts Staff and Will Shut Managed Mining Unit - CoinDesk
Foundry Launches Miner Donation Program to Support Bitcoin Ecosystem - TheMinerMag
Bitmain Sues JWKJ for $15 Million in Bitcoin Mining Dispute - TheMinerMag
Riot’s Bitcoin Takeover Intensifies as Bitfarms Adopts New Rights Plan - TheMinerMag
Financial News
Bitdeer Could be a Potential Takeover Target: Benchmark - CoinDesk
Bitcoin Miner Cormint Raises $29M in Series B Round - TheMinerMag
Cathedra Bitcoin Completes Business Combination with Kungsleden - Link
Feature
Crypto cowboys have found paradise in Paraguay - The Economist
Bitcoin & AI, IREN’s Short Report and Tether’s Mining Investments - The Mining Pod