Epoch 397: Decreased Difficulty, 800k blocks, Mining Farm Expansion

If you haven't noticed, we are sending out this newsletter to update you on current network statistics and the latest mining news every 2,016 blocks.

The 800,000th block was mined on July 23rd, and we have just had the first difficulty adjustment at a block height above 800k #TicTokNextBlock.

Yesterday, the difficulty adjusted at block height 800,352. The new difficulty is 52.328 trillion which is a 2.94% decrease.

On another block height-related note, we are approximately 274 days away from block height 840,000 which is when the new supply of bitcoin will be cut in half. Currently, every block that gets mined has a subsidy of 6.25 bitcoin. In less than a year, new blocks will only produce 3.125 bitcoin. In other words, 900 bitcoin are currently added to the supply every day; whereas, starting at block height 840,000, only 450 bitcoin will be added each day.

Check out this tweet from @w_s_bitcoin to see the decreasing new supply of new bitcoin.

What's New With Rigly

Much of our efforts have been going toward getting hashrate back online and streamlining the user experience of Rigly's bidding platform.

On that note:

Auctions

Due to low demand, current auctions are earning winners free sats! Last week's auction went for 30% of the current market value. Test your luck and go check out the auctions listed below.

Three 400TH/s Auctions Ending July 31st:

Hashprice: ~238 sats/TH/s/day

After the hashprice cliff from the previous upward adjustment of 6.45% on July 11th, we have now stabilized around 240 sats/TH/s/day. On July 23rd we saw a spike in transaction fees which is reflected in the chart below with a jump in hashprice to 246 sats/TH/s/day.

Network Hashrate: ~375 EH/s

We saw an expected decline in network hashrate after the previous upward adjustment. Interestingly, leading up to this recent downward adjustment network hashrated fell slightly.

Difficulty Adjustment: -2.94%

• May 31 +3.40%
• June 14 +2.18%
• June 28 -3.26%
• July 11 +6.45%
• July 26 - 2.94%

Transaction Fees

Due to some activity from the ordinals community, we saw a spike in fees around July 23rd.

Fees this month ranged from 1% to 9% of the total block reward. In terms of hashprice, that's about 3 to 30 sats/TH/s/day from fees.

In the recent blocks, fees are ranging from 6 sats/vByte to 13 sats/vByte.

In Other News

TeraWulf and Bitfarms announce plans to expand their hashrate while Hut8 and USBTC are continuing with their merger.

Regulation

• Kuwait banned Bitcoin payments, mining, and related activities - Coin Desk
• House Republicans Push for New Crypto Rules After Ripple Decision - Bloomberg.
• Arkansas senator seeking repeal of controversial new crypto mining law - KATV

Mining Ops

• Crusoe Energy Systems filed a petition for a Post-Grant Review of Steve Barbour’s Upstream Data patent filing - link
• Hut8 Provided an Update on Merger with USBTC - Hut8
• TeraWulf Announces 7.9 EH/s Expansion Plan and Associated Purchase of 18,500 S19j XP Bitcoin Miners from BITMAIN - Press Release
• Bitfarms Secures Contracts in Paraguay for Up to 150 MW of Hydropower - Press Release

Other

• 38% of bitcoin mining is now in the US and producing up to 7.2 MtCO2/year, but "may bring climate benefits" - MIT
• From Flare to Fortune: Mining Bitcoin Off-Grid with Stranded Gas - Braiins Blog
• Bitcoin Miner Hive Is Using Old Ethereum Rigs and AI to Make Ordinals Art - Decrypt.
• Samsung's First 3nm GAA Chip Found in Cryptominer - Tom’s Hardware
• Ercot Releases Plans for "Modernizing Texas' Electricity Infrastructure - Blog
• Reports of Samsung’s 3nm GAA Process in Whatsminer ASIC - Tech Insight
• Binance completes integration of Bitcoin Lightning Network - The Block

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Thanks and Happy Bidding!

Team Rigly