Bitcoin’s hashprice, or the anticipated value of 1 petahash per second (PH/s) of hashing power per day, has plummeted to a historic low. According to Luxor’s hashprice index, at 6 a.m. EDT on July 4, 2024, the price per petahash dropped to $44.842 per PH/s. The dollar value of daily mining revenue per petahash of hashing power is creating significant challenges for bitcoin (BTC) miners. Despite the decrease in earnings, the seven-day simple moving average metric for Bitcoin’s overall hashrate indicates that computational power has increased from 556 exahash per second (EH/s) to 578 EH/s. The declining hashprice amplifies the financial pressure on bitcoin miners, especially smaller operations. As revenue per petahash falls, these smaller miners face growing difficulties in maintaining profitability.
Bitcoin’s hashprice, or the anticipated value of 1 petahash per second (PH/s) of hashing power per day, has plummeted to a historic low. According to Luxor’s hashprice index, at 6 a.m. EDT on July 4, 2024, the price per petahash dropped to $44.842 per PH/s. The dollar value of daily mining revenue per petahash of hashing power is creating significant challenges for bitcoin (BTC) miners. Despite the decrease in earnings, the seven-day simple moving average metric for Bitcoin’s overall hashrate indicates that computational power has increased from 556 exahash per second (EH/s) to 578 EH/s. The declining hashprice amplifies the financial pressure on bitcoin miners, especially smaller operations. As revenue per petahash falls, these smaller miners face growing difficulties in maintaining profitability.
