Difficulty adjustment on Bitcoin (BTC) mining is a protocol feature created by Satoshi Nakamoto that serves to keep an average interval of 10 minutes between every new block that is discovered by Bitcoin miners, filled with transactions, and then added to the blockchain. This adjustment directly impacts mining profitability, as increased difficulty also means increased costs for the activity.
With a sustained increase in mining difficulty over time, Bitcoin miners are working ‘underwater,’ as the average cost to mine one single BTC has been superior to the average price of 1 BTC in the spot market year-over-year since August 2022.
The average mining cost is calculated by Cambridge University and plotted in a chart by MacroMicro. On August 8, it registered an average cost of $34,835 per mined BTC, against a spot price of $29,902 on August 9 — accounting for a loss of $4,933 per unit of the leading cryptocurrency produced coins.
Bitcoin Average Mining Costs. Sources: MacroMicro and
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