The Urban Mine

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Latest mining rigs amp up difficulty to zone out competition

Haru Invest

Cyber security analyst, Matt C, highlighted the growing pressure of the latest mining rigs upon previous generations of miners as hashing costs reach $0.07/kwh.

Comparing the eight Miners displayed in Matt’s tweet, it’s clear to see the difference in performance is quite stark between the latest 2022 gen rigs and previous gen rigs.

As mining profitability wanes for older models – even into negative figures – later 2022 models are amping up the difficulty to such an extent that they are pushing the competition entirely out of the Bitcoin mining business.

The Bitcoin (BTC) mining data analytics provided by Luxor Mining, detailed that in a snapshot dated Nov. 21st, mining difficulty was up by 0.96%. The team later corrected this value in a comment below stating that “the last difficulty adjustment was 0.51%, NOT 0.96%.”

Despite the correction required, the clear message within the snapshot displayed showed that hashprice was beginning to fall as a result of the increase in difficulty, and the decrease in BTC price — back towards the all-time low of around $54/PH/day.

At press time, hashprice has increased since the Nov. 21st snapshot and stands at approximately $58.07/PH/Day.

Latest mining rigs amp up difficulty to zone out competition
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