Key Points
- Bitcoin miners are preparing for a significant difficulty adjustment due to the surge in hashrate.
- Public mining giants have ordered 76.6 EH/s of equipment for 2024, with significant deliveries expected in Q1 and Q2.
Hashrate Index, a firm specializing in crypto mining analytics, has reported that public miners of Bitcoin (BTC) are proceeding with their ASIC orders as planned.
Upcoming Difficulty Adjustment
According to Hashrate Index, miners of Bitcoin are set to experience a considerable upward difficulty adjustment in about a week. This is due to the rapid acceleration of operations by public mining giants. The firm’s analysts report that these miners have 76.6 EH/s of equipment lined up for 2024. Out of this, 12.9 EH/s is planned for delivery in Q1, and nearly 36 EH/s is expected in Q2.
The analysts also noted that the current surge in hashrate is expected to lead to a significant difficulty adjustment in the near future. Their current estimate for the adjustment is around +5.97%.
Record-breaking Hashrate
At the time of reporting, the 7-day average hashrate of Bitcoin had reached a record high of 659 EH/s. This marks a 13.6% increase from its post-halving low of 580 EH/s. With the current level, the average block time is approximately 9 minutes and 26 seconds.
The analysts also commented on the transaction landscape of the Bitcoin blockchain. They noted that transaction fee volumes have significantly deflated since the halving. Despite the anticipation surrounding the launch of the Runes fungible token standard, trading activity has decreased, and transaction fees have returned to regular levels.
In May, the analysts at Hashrate Index predicted a rise in hashprice over the next six months. This prediction was based on expectations of stagnant difficulty, increased transaction fees, or a rise in the price of Bitcoin. Looking forward, they suggest that U.S. miners might decrease BTC mining during the summer, which could slow the growth of the hashrate. However, they also noted that global miners could potentially offset this decline, providing a more comprehensive view of the hashrate expansion landscape.
