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Messages - Zemx

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Active bitcoin miners may see their profitability double following the 28% downward difficulty adjustment in mining on July 3, according to several mining sites.

The North American hash spread – an index invented by digital asset financial services platform BitOoda to measure the difference between bitcoin mining revenue per megawatt-hour and the cost of the needed power – has almost doubled to $449 from $225.

“Mining economics have improved significantly,” Sam Doctor, chief strategy officer at BitOoda, wrote Monday in a newsletter.

Such projections follow the record downward adjustment in the Bitcoin blockchain’s mining difficulty. The adjustment process, which was coded into the network’s original programming, is designed to stabilize the blockchain by incentivizing miners back to the network whenever there’s a significant drop in the hashrate, which is the amount of computational activity working to secure data and finalize transactions.

China’s recent crackdown on the crypto industry forced many miners to shut down, cutting the total hash power by more than half from record levels earlier this year. The seven-day average hashrate fell to 84.3 exahashes per second on Friday, before the difficulty reset, the lowest since September 2019. But it has since jumped back to about 90.7 exahashes per second, according to Glassnode.

Miners may see similar profitability levels as in April, when bitcoin was trading at nearly double its current level, according to an analysis by Glassnode. While prices are much lower now, fewer miners are splitting the revenue.

Meanwhile, as some Chinese miners have been selling their mining computers or “rigs” at discounts, prices for the machines have dropped. According to Luxor Mining, newer and next-generation rigs have lost 32% of resale value, while the oldest machines saw price declines of 36%.

Remaining miners will continue to see profitability boosts, until the infrastructure catches up, according to industry experts.

“It’s become both easier and more profitable to mine bitcoin,” said Nick Spanos, co-founder of Zap Protocol, an infrastructure provider for decentralized apps. “That’s a recipe for enticing more miners back in.”

More INFO

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Bitcoin’s mining difficulty fell by 28% today, the largest drop in the network’s history. The decline shows the severe impact of China’s recent crackdown on its Bitcoin miners.

Mining difficulty measures the computational power required to validate Bitcoin transactions and consequently how hard it is to earn new Bitcoin. The network adjusts the difficulty each fortnight to reflect the level of competition among miners. Lower mining difficulty indicates less competition.

Today’s difficulty mining drop follows China’s crackdown on Bitcoin miners, which were responsible for an estimated 65% of the network’s hash rate. Well before the government started to shut down miners last month, Bitcoin’s hash rate peaked at 198 EH/s (i.e. a lot) on April 15. After the crackdown, the hash rate sunk to 89 EH/s.

Chinese miners are now emigrating en masse or selling mining machines to foreign mining farms. But until China’s Bitcoin miners find new homes, non-Chinese miners stand to benefit from the reduced difficulty, which makes it cheaper and easier to mine Bitcoin.

“All other miners who continue to operate gain a commensurate amount of market share and therefore daily block rewards,” Ben Gagnon, chief mining officer at Toronto-based Bitfarms, told Decrypt.

Peter Wall, CEO of London-based Argo Mining, told Decrypt that while miners in the West are trying to capitalize on the gap left by the Chinese crackdown, the market for mining sites is booming.

“Displaced Chinese miners are searching the globe for appropriate hosting sites for their machines, and that means, in places like North America, power and space are at a premium like never before,” he said.

The Chinese government crackdown and subsequent exodus of miners have contributed to a halving of Bitcoin’s price (from about $64k to $33k). The reduced hashrate also means that there aren’t as many computers backing the network, making it less secure.

But the crackdown is good for Bitcoin in the long run, said Josh Goodbody, who used to lead Huobi’s mining sales in the West before he became COO of crypto custodian Qredo. He said the network is now less reliant on the Chinese government.
More INFO

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The CEO of iMining, a crypto mining firm, Khurram Shroff has recently released a statement revealing that the crypto ban in China is good news for Canada and the rest of the world. According to Khurram, the crypto crackdown in China will help in the diversification of the mining spots of cryptocurrencies and hence contribute to the development of the industry.

iMining CEO Khurram Shroff Says China Crypto Ban Will Help in Diversification
The regulatory crackdown on the cryptocurrencies and the businesses associated with crypto trading and mining of China has estranged major mining companies.

One of those companies is an Investment company named IBC Group which is based in Dubai and is reportedly having plans to end their BTC and ETH mining operations in the country.

Revealing further, the officials of IBC Group have said that they will be distributing their business to different locations in the world such as Kazakhstan, Canada, UAE, and South American countries while relocating its headquarters to Toronto, Canada.

Addressing this crackdown as a temporary situation and hurdle in the journey of cryptocurrency, Khurram Shroff said:

“A shift of crypto mining operations out of China will be a huge opportunity for Canada. The Toronto Stock Exchange recently listed the world’s first Bitcoin ETF, so the nation is already ahead of the curve, in terms of mainstreaming cryptocurrencies.”

Crypto Crackdown in China Will Encourage Decentralization
Mentioning the carbon footprint issue of Bitcoin, China took the decision of imposing a ban on all the activities associated with cryptocurrencies.

In addition to this, the tightening of the cryptocurrency regulations after the ban led to a significant fall in the crypto market and raised concerns over the future of cryptocurrency.

However, it should be noted that the experts from the crypto industry share a common belief that though the crypto crackdown will initially be challenging and inconvenient, the migration of the mining business out of China will help in the decentralization of crypto.

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