Bitcoin Network Hashrate Remains Stable Above 200 EH/s Despite Record DAA
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Additionally, the BTC network’s difficulty adjustment algorithm (DAA) has recorded two notable spikes since April 27 and tapped a lifetime high of 31.25 trillion on May 10.
Alongside having an all-time high difficulty, Bitcoin’s price traded down by 23% over the past 30 days, making it less worthwhile to mine the flagship cryptocurrency.
While Bitcoin miners remain profitable, data from ASIC Miner Value suggests that using current BTC exchange rates and electricity costs at $0.12 per kilowatt-hour (kWh), only 27 mining rigs can profit today. Per the data, Bitmain’s
Interestingly, a report from ASIC Miner Value shows that Bitcoin miners remain profitable despite the challenges mounted before them.
Miners using the Bitmain Antiminer S19 Pro+ Hybrid with 198 terahash per second (TH/s) can realize a profit of $8.93 per day. Those using a Canaan Avalonminer 1246 with 90 TH/s can make an estimated profit of $1.34 per day.
That said, BTC miners could catch a break in two days following a DAA update. Estimates place that the mining difficulty could drop by 3.67%, sending difficulty from 31.25 trillion to 30.11 trillion.
Key Bitcoin Levels to Watch — May 24
Following a steady recovery to the $30.6K barrier yesterday, Bitcoin recorded a sharp rejection sending it below the $29K low. The benchmark cryptocurrency currently struggles to retake the $29.5K level as inertia paralyzes traders from placing bullish bets.
I expect to see a bearish continuation to the $28.7K level in the near term, where BTC would have to fight to remain close to the $30K level until bears tire out or embark on a refreshed bear spiral below the $27K support.
Meanwhile, my resistance levels are at $30,000, $30,600, and $31,000, and my key support levels are at $29,000, $28,700, and $28,000.
Total Market Capitalization: $1.25 trillion
Bitcoin Market Capitalization: $555.8 billion
Bitcoin Dominance: 44.3%
Market Rank: #1
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