CleanSpark adds new BTC miners at 23EH/s amid potential hashrate drop after halving.
Institutional Bitcoin data provider Block Scholes expects next week’s Bitcoin halving to have a new impact on network performance. The company believes this could result in an immediate drop in the network’s hash rate of around 25% within the first two weeks. The company predicts that this event will have a unique impact on the network compared to previous years, particularly in how quickly difficulty is adjusted following the halving.
Eamonn Gashier, founder and CEO of Block Scholes, emphasized that total block rewards in terms of Bitcoin and USD typically bounce back to pre-halving levels a few months after the event, despite the immediate reduction in rewards. “There will be 672 blocks (block 840,000) after the halving before the difficulty is adjusted, marking the shortest waiting time miners have ever faced after a halving for a difficulty adjustment,” Gashier said. He also expects a larger drop in hashrate immediately after the halving, which could take longer to recover as it will have the largest dollar-denominated impact on miners’ profits ever seen, along with latency for significant difficulty adjustments. I mentioned it.
In the long term, Block Scholes expects hashrate to continue growing exponentially, albeit at a slower pace. This prediction is based on the final adjustment of mining difficulty to compensate for higher miner rewards and reduced block rewards.
CleanSpark is committed to having over 100,000 S21 Pro miners.
Meanwhile, CleanSpark Inc. has significantly improved its mining capabilities, reaching a new record of 17 exahashes per second (EH/s) as its recently acquired data center in Dalton, Georgia, comes online. The company also exercised its option to upgrade and purchase 100,000 Bitmain S21 Pros, increasing the total purchased hash rate by 17% to 23.4 EH/s.
This strategic move by CleanSpark, detailed by CEO Zach Bradford, aims to improve efficiency ahead of the halving. “As we head into halving, efficiency is the most important variable,” said Bradford. Upgrading to the S21 Pro model, which operates at 15 joules per terahash, offers a 14% increase in efficiency compared to the S21 model. The company stated that this increase in efficiency supports the broader Bitcoin network by reducing overall network energy consumption while potentially increasing the company’s market share after the halving.
As the halving approaches, CleanSpark and the broader Bitcoin mining industry could face significant changes due to unprecedented price discovery in the Bitcoin cycle.
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