The first week of November 2022 was extremely bad for the digital currency prices as FTX collapse gave negative outlook to the whole industry after which bitcoin was trading above $20000 with cool hash rate around 270 to 290 exahash per second And after the surrender by FTX, when a day later, the SAR has increased rapidly, reaching its all-time high on 12 November 2022 – a whopping 347.16 EH/s. The hash rate has since fallen below the 200 EH/s range on 26 November and has currently managed to rise above the region where bitcoin mining is expected to record 236 EH/s in December 2022, where this decline suggests that profits The same mining units which are forced to shut down the machines remain confined to strong operators only.
Currently, the estimated cost per bitcoin production ($16,956) is around the market value ($16,897) of the majors dedicated to the crypto market, while the cost of bitcoin production on November 30 was $18,313, which is the market value of bitcoin. and the cost of production and with this decline it becomes much easier for the existing operators to survive or operate.
Bitcoin miners are also estimating a limited mining difficulty reduction of between 6.56% and 7.9% compared to their rating on or around December 5, 2022, and are expecting that this difficulty will currently be the highest the network has seen in 2022. There can be great difficulty. From November 30 to December 2, 2022, hashpower has dropped approximately 80% of the exhash network’s total hash rate.
We can say that currently this rate is difficult for bitcoin mining technology and it can be expected that in coming time this rate will increase and bitcoin miners will get profit.
