Bitcoin Rally Fails to Sustain Mining Profitability Amid Difficulty Estimate

Bitcoin's recent price rally has provided some relief to miners, but its impact may be short-lived. According to data from Mempool, the current gross hashprice is about $40.31 per petahash per second per day, which is roughly 2.65% above the prior modeled baseline.

However, the next difficulty estimate suggests a 2.48% decrease in difficulty around October 3, which could offset some of the gains made by miners. This early signal is not necessarily a result of shutdowns or equipment migration, but rather an indication that block production may be slower than expected.

The current $BTC price of $84,751 has helped to increase mining revenue, but it remains to be seen if this will be enough to sustain profitability for miners. Theoretical gross hashprice is about 2.65% above the prior baseline, and fees have contributed relatively little to miner revenue in recent days.