Epoch 396

Miners were quick to react to the previous downward adjustment. We are entering epoch 396 with a newly increased difficulty of 53.9112 trillion, a 6.45% change 🚀.

Rigly Updates

We are currently experiencing an outage from one of our mining farm partners due to a power transformer needing replacement. This means that if you won an auction for Epoch 395 you may have experienced a drop in your hashrate. No need to worry, this is the beauty of our trustless mining model. Your funds are secure in escrow and will not be paid out until all of your hashrate has been delivered. Affected customers are receiving a refund for the hashrate they missed out on.  Rigly's proxy monitors exactly how much hashrate is delivered for scenarios just like this.

Have you ever wondered why mining rig owners would want to sell their hashrate on Rigly's marketplace? We published a blog last week answering this exact question. Go check it out!

Miners Want to Sell Their Hash

Through forward agreements, mining farms can hedge against the risk of hashprice volatility.

Read the Blog

The day you have all been waiting for has finally come! We've released our new bidding dashboard now with a tab for placing proxy bids.

Auctions

Every day, you can expect to see daily auctions posted.

Today's Auction - USA 140 TH/s in epoch 398

140 TH/s for 2 weeks. Delivery starts at block height 802,368

View Today's Auction

Hashprice: ~240 sats/TH/s/day

Hashprice fell off a cliff with this increase in difficulty:

This graph clearly shows the difficulty adjustments. We saw a steep decline in network hashrate in epoch 394 which caused a spike in hashprice going into epoch 395. Now, we see the hashprice cliff entering into epoch 396.

Network Hashrate: ~400 EH/s

Due to miners coming back online proceeding the Texas heatwave and general growth of mining ops all around the world, we saw hashrate exploding over the last week.

Colin Harper was right to say in his July 9 newsletter for HashrateIndex that "the next difficulty adjustment is going to be a f****** whopper".

@TheMinerMag recently projected the average hashrate for July to be nearly 400 EH/s.

Difficulty Adjustment: +6.45%

• May 31 +3.40%
• June 14 +2.18%
• June 28 -3.26%
• July 11 +6.45%

Transaction Fees

Over the last few months, we have been in a relatively high-fee environment with fees ranging from 79% (~360 sats/TH/s/day) of the block reward in May to around 5%  (~13 sats/TH/s/day) last month.

Transactions are slowing down with only about 250k in the mempool. Today, we are sitting at around  2%  (~5 sats/TH/s/day) of the block reward.

In the following graph from mempool.space the drop in fees can be seen. At their lowest, transactions were making their way into blocks with a minimum fee of 3 sats/vByte and a median fee rate of 5 sats/vByte.

In Other News

• Celsius Settles With Preferred Shareholders for $25 Million Over Mining Assets Claims - WSJ
• Crypto Miners Are Selling Despite Rebound in Prices - Bloomberg
• BlackRock CEO Larry Fink Likens Bitcoin to 'Digital Gold' on Fox Business - NOBSB
• Bitfarms Starts Production at Baie-Comeau and Increases Hashrate Target to 6.3 EH/s in Q3 2023 - Link
• ACINQ Announces Beta for Channel Splicing in Phoenix - Link
• BRC-69 Token Standard Promises To Reduce Ordinals Fees By 90% - The Defiant
• Lightning Labs Unveils Bitcoin Tools for AI - CoinDesk
• Q2 Bitcoin Mining Revenue Surges to $184M Due to BRC-20 Hype - Yahoo
• Marathon Digital blames weather conditions for mining 21% less Bitcoin in June - CoinTelegraph
• Digital Pound May Verify Age for Alcohol and UK Citizenship - Bloomberg

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Happy Thursday! Thanks, Team Rigly.