Bitcoin miners are finally getting a breather after a slow September, with the hash rate up 10.33% over the past 30 days. There has been a solid 8.93% gain in the past four days alone.

Hashprice Up Nearly 9% in 4 Days: Bitcoin Miners Have Opportunity as September Ends

On August 29, 2024, mining revenue was lagging, with the hash rate at $42.98 per petahash per second per day. Fast forward to today, and the hash rate is 10.33% higher. To put that in perspective, the hash rate refers to the estimated daily revenue from 1 PH/second of Bitcoin hashing power. Miners have had a couple of boosts recently—BTC prices rose and difficulty dropped 4.6% on September 25.

On that day, BTC was trading between $62.5k and a little over $63k. By Sunday, September 29, 2024, the price had inched up a bit and was hovering around $65.7k as of noon ET. That brought today’s hashrate to $47.42 per PH/s. While the price increase and lower difficulty are a boon for miners, the hashrate is hovering at 631 exahashes per second (EH/s)—just 10 EH/s higher than the 621 EH/s recorded on September 16, marking a low after a peak of 693 EH/s.

Block times have been sluggish, coming in at just 10 minutes and 16 seconds—slower than the 10-minute average. The next difficulty adjustment is scheduled for October 10, 2024, and with slower block times, we could see a difficulty drop of around 2.74% to 2.9%. With just over 35 hours left in September, it looks like miners may not be as profitable as they were in August.

In August, bitcoin miners brought in a total of $851.36 million in revenue, but so far this month, they’ve only made $761.79 million. That leaves them needing to collect an additional $89.57 million in subsidies and fees before the month ends—a daunting task unless the price of BTC spikes significantly before October begins. Miners continue to face the challenge of maintaining profitability amid volatile conditions, making the coming month a new challenge.

What do you think about the surge that bitcoin miners saw in late September? Share your thoughts and opinions on the topic in the comments section below.
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