#hashrate

Every cycle somebody argues that price cannot stay below the cost of mining for long, because miners would simply stop. It sounds like an arbitrage. It is not one.

Here is what actually happens when price drops under the marginal miner's all-in cost. The marginal miner switches off. Hashrate falls. Then, at the next adjustment, the network lowers difficulty, and everyone still running earns more per unit of hashpower than they did a fortnight earlier. The network's cost of production adapts to whatever revenue exists.

That is what the difficulty adjustment is: a thermostat holding the block interval near ten minutes. It is not a mechanism for defending a price. It has no opinion about price at all.

Which means cost of production is an output of price, not an input to it. The “average cost per coin” that gets quoted is mostly a fact about how much hardware got plugged in during the last bull market, and it declines when difficulty declines. Citing it as a floor gets the causality backwards.

Two things follow.

There is no floor. The mechanism people point to as support is actually the mechanism that lets the chain keep producing blocks at any price. Bitcoin at half of today's price is not a broken network. It is a cheaper network to secure.

The real transmission channel is forced selling, and it is slow. A hashrate flush means marginal operators are liquidating inventory and shutting down. After difficulty resets lower, the survivors' margins improve and that selling pressure eases. That is second-order, it takes weeks, and it is nothing like a price floor.

So what I actually watch is the sign of the last few adjustments — a run of negative ones means capacity is genuinely being flushed rather than shuffled — and whether hashrate recovers before or after difficulty reprices. Recovery before the reset usually means the drop was situational: weather, a grid curtailment, one region's policy. Recovery only after the reset means it was economic.

Bitcoin mining difficulty has climbed to 144.4 trillion (T), up 15%, the largest percentage increase since 2021, when the China mining ban led to a major disruption, which followed a 22% upward adjustment as the network stabilized. Difficulty adjustments measure how hard it is to mine a new block on the network. It recalibrates every 2,016 blocks, roughly every two weeks, to ensure blocks…

http://t.ly/200k.forum | Bitdeer vượt MARA, dẫn đầu công suất khai thác bitcoin

Bitdeer Technologies Group, công ty khai thác bitcoin có trụ sở tại Singapore, đang nổi lên là doanh nghiệp lớn nhất ngành xét theo công suất, vượt qua MARA Holdings, dựa trên các số liệu công bố mới nhất.

Tính đến cuối tháng 12, Bitdeer cho biết “tổng hashrate dưới quản lý” đạt 71 EH/s, bao gồm 55,2 EH/s từ hoạt động tự khai thác và phần còn lại đến từ các giàn máy được lưu trữ cho đối tác. Trong khi đó, MARA hiện báo cáo công suất khoảng 61,7 EH/s.

MARA từng là công ty dẫn đầu mảng khai thác bitcoin niêm yết công khai trong thời gian dài, với hashrate tự khai thác tăng mạnh từ dưới 20 EH/s giữa năm 2023 lên vượt mốc 60 EH/s vào năm 2025. Tuy nhiên, vẫn chưa rõ liệu chỉ số “hashrate dưới quản lý” của Bitdeer có hoàn toàn tương đương với “hashrate đã kích hoạt” mà MARA công bố hay không.

The Bitcoin network hashrate hit a record high in October, JPMorgan (JPM) said in a report on Monday. The monthly average network hashrate rose 5% to 1,082 exahashes per second (EH/s), the report said. The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining…

The Bitcoin network hashrate hit a record high in October, JPMorgan (JPM) said in a report on Monday. The monthly average network hashrate rose 5% to 1,082 exahashes per second (EH/s), the report said. The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining…

#Tradingan – #Hashrate & #Mining Difficulty: #Indikator Fundamental untuk Prediksi Harga #Bitcoin – Bitcoin dikenal sebagai #aset digital dengan #volatilitas harga yang sangat tinggi. Banyak orang menganggap harga Bitcoin hanya digerakkan oleh sentimen #pasar, berita, atau spekulasi jangka pendek. Namun, jika diteliti lebih dalam, terdapat indikator #fundamental yang merefleksikan kekuatan dasar…