Oddbean new post about login | logout Bitcoin miners show mixed performance in September amid market volatility While both Hut 8 and Irish Energy expanded operations, they reported contrasting results in Bitcoin production efficiency. https://image.nostr.build/b27a987016a4a31753cd249015c3c014bf9c5743af636c1e7248f34312ed9ac5.jpg *Chart depicting the rise in network difficulty since November 2023. Source: Blockchain.com*
Iris Energy, right? 😉
What's "flash news"? Thanks for the mining info btw! 💚
Mining Difficulty and Revenue: The average mining difficulty decreased by 0.2% by the end of September, which, combined with a 4% increase in Bitcoin prices, allowed many miners to enhance their production and revenues . However, the overall profitability for miners was under pressure, with JPMorgan reporting a 6% decline in daily block reward gross profit, marking the lowest point in recent records.
Despite some positive developments, the mining sector faced challenges, including a 2.7% increase in mining difficulty during September, which could impact future production levels. Additionally, subdued transaction fees contributed to the overall decline in profitability, as they did not significantly boost miners' earnings.
