Days of low profitability in Bitcoin mining and for GPU miners

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Notti Hash is CryptoNews’ newsletter on Bitcoin mining. It is published on our website every two weeks; today’s, Thursday, November 3, 2022, is the 33rd edition, with the block number 761,564.

Bitcoin miners are facing economic difficulties as the calendar year comes to a close. The prolonged bear market or bear market could have an impact on their decisions. The dilemma remains How to deal with the low profitability of the business in these months..

Meanwhile, former Ethereum miners (using GPUs) have been navigating other networks for the past month and a half against the tide of low profitability. In this edition of NotiHash, we explain how to find out where they have migrated to since the merger.

Bitcoin’s hahshrate and its level of difficulty.

• Average hashrate: 265.36 EH/s (30 days)
• Maximum Hashrate achieved: 269 EH/s (between October 12 and 16).
• Difficulty level: 36.8 trillion (T)

Bitcoin mining has never been more competitive than it is now.. This fact is evidenced by the hashrate, which represents the level of participation of miners.

The level of difficulty of extraction will be adjusted in a few days. According to the network status analysis pages, this parameter is expected to decrease slightly, which determines the difficulty of extraction in a two-week period or in the blocks of 2016.

The advantages of bitcoin mining

• Range of miners’ daily earnings: $15.7 million to $22.4 million. (1-week period)
• Total rewards for bitcoin miners: 919.75 BTC (average of 144 blocks between Nov. 2 and Nov. 3)
• Average rewards per transaction: 0.003264 or US$65.72 (average of 144 blocks between Nov. 2 and Nov. 3)
• Average rate paid per transaction: 0.0000701 BTC or 1.41 USD (average of 144 blocks between November 2 and 3)
• Source: Mempool.space y Braiins

The reward for Bitcoin miners continues to average $18 million per day. This figure includes the 6.25 BTC reward for mining a block of Bitcoin and commissions paid by users.

Commissions paid by users to the miner network also continue to maintain the averages of previous weeks, about $1.5 per transaction. Of course, it depends on the size and type of transaction.

The Bitcoin hashpice

• Hash price: 0.070 USD/TH/day.

The Hashprice remains at previous weeks’ levels. According to indicators, this average is perceived as a figure of low profitability of Bitcoin mining. It is the result of the bear market.

Hashprice is a value assigned to a unit of calculation. In this case, it is equivalent to the profit in dollars (USD) per terahash that a mining team invests in the Bitcoin network in one day.

What does Argentine law say about Bitcoin mining?

Bitcoin mining is not illegal in Argentina. However, over the course of this week, there have been several raids and seizures of mining equipment in that country. What happened? In an article published by CriptoNoticias we report. What the law says and what role it plays How to import this Bitcoin mining equipment in terms of legality.

Do bitcoin miners go bankrupt?

One of the world’s largest miners may declare bankruptcy by the end of 2022. In a CryptoNews publication we tell you about it. the causes of this factwhich is directly related to the price of this company’s shares on the U.S. stock exchange.

Mining other networks: the search for Ethereum extractors.

After the Ethereum merger, Ethereum miners were left “hanging.” Despite this, a percentage of 45% of that network’s hashrate migrated to new networks. 45 days after this event, former Ethereum miners are still debating whether it is better to shut down and wait. Or continue to seek profitability In alternative networks.

Image of the week

During the days of Halloween, Bitcoin miners showed their festive side. In a publication by the Kadena Mining Club, they created a thread with different disguises where Bitcoin mining was the protagonist.

To learn more about Bitcoin mining, check out our Cryptopedia.