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📰 What happened in mining last week
EMCD Digest | September 14–20, 2026
♦️ Bitcoin mining difficulty rose 4.16% to 132.76T
The September 19 retarget lifted Bitcoin mining difficulty from 127.45T to 132.76T at block 967,680. Bitcoin was trading around $81,000 on September 20, helping offset part of the pressure that higher difficulty puts on dollar-denominated mining revenue. Less efficient fleets and miners paying higher power prices remain the most exposed as margins tighten.
♦️ CoinShares: listed miners’ average cash cost ran 29% above Bitcoin’s quarter-end price
The weighted average ex-tax cash cost to produce one BTC among listed miners was about $75,500 in Q2, against a $58,400 quarter-end price. Results diverged sharply: ABTC, Bitdeer, HIVE and IREN mined below their realised prices, CleanSpark and Riot sat near breakeven, while MARA’s $86,126 cash cost overshot its $70,315 realised revenue by roughly $15,800 per coin. Hashprice bottomed at $27.7 per PH/s/day in June. Core Scientific paid Block $41.9M to cancel about 15 EH/s of 3nm chip deliveries, and at least 35 EH/s is scheduled to leave the listed cohort.
♦️ Bitdeer mined 1,310 BTC in August but ended the month holding 61
Output rose 249% year over year from 375 BTC, with self-mining hashrate at 79.9 EH/s against 30.0 EH/s a year earlier — and CoinShares puts Bitdeer among the miners producing below their realised price in Q2. The treasury moved the other way: 61 BTC at month end versus 257 in July. Its AI cloud arm runs 4,328 GPUs at 92% utilisation for roughly $86M in annualised recurring revenue, plus a non-binding LOI for an initial 30 MW AI data center in Bhutan.
♦️ Ethiopia cut miners’ power supply by 77%
The state utility reduced deliveries to 23% of contracted volumes after El Niño cut reservoir inflows by 20%, prioritising households and manufacturers. The cuts came in stages — 75%, then 50%, then 23%. Miners had supplied 35% of the utility’s revenue last fiscal year and consumed almost a thi
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