In September 2023, Bitcoin mining difficulty reached a historical high while miner revenues significantly decreased. This creates pressure on the industry and compels players to seek new approaches.
Record High Bitcoin Mining Difficulty
On September 4, Bitcoin mining difficulty hit 136.04 trillion. Concurrently, miner revenues dropped to about $52 per petahash per day.
Infrastructure Changes in Crisis Conditions
The situation is evolving where multi-purpose facilities are being redirected towards AI workloads. For example, CoreWeave struck a $9 billion deal to acquire Core Scientific, reallocating resources towards artificial intelligence.
Market Dynamics and New Strategies
American Bitcoin Corp., now listed on Nasdaq, has based its model on self-mining and accumulation, managing treasury strategies to balance costs and prices. With AI demand rising, the concept of 'mining' is evolving.
The rising difficulty of Bitcoin mining alongside declining revenues is prompting a reevaluation of resources and strategies. The intensifying competition from AI and rising costs are challenging traditional mining approaches.
