Latest mining rigs amp up difficulty to zone out competition
Mining profitability wanes for older mining rig models as later 2022 models amp up mining difficulty to the extent that competition can't keep up.
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.
#Bitcoin mining profitability by @LuxorTechTeam says it all..
Antminer S19 XP is 3+ times superior to previous gens 💰
2022 Miners putting difficulty through the roof while trying to send competition out of business. pic.twitter.com/g5akp0RXjf
— Matt C⚡️ (@mithcoons) November 23, 2022
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.
Bitcoin's difficulty increased by nearly 1% yesterday to set a new all-time high, and Bitcoin's price is down to start the week.
— Hashrate Index (@hashrateindex) November 21, 2022
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.