Bitcoin

when

<a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/" rel="noopener noreferrer nofollow">Bitcoin miners</a> are encountering significant challenges as the network sees an exit amidst falling prices and declining revenues. Over the past week, <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">Bitcoin's price</a> has decreased by 5%, impacting miners' earnings as <a href="https://ultramining.com/news/en/bitcoins-rebound-above-30k-boosts-hashprice-a-4-leap-in-24-hours/" rel="noopener noreferrer nofollow">hashprice</a>— the estimated daily value of 1 petahash per second (PH/s)—has dropped to levels not seen since May. Currently, hashprice is just above $47 per PH/s, according to <a href="https://news.bitcoin.com/ru/maynery-bitkoinov-stalkivayutsya-s-ukhodom-seti-na-100-eh-s-na-fone-padeniya-tsen-i-dokhodov/" rel="noopener noreferrer nofollow">Bitcoin.com</a>.
The drop in Bitcoin's value has reduced miners' earnings from block rewards and related fees. Presently, miners earn between 0.076 BTC and 0.16 BTC per block in fees, significantly lower than a few months ago. As of June 29, Bitcoin mining revenue for June stands at $914.43 million, with $99.62 million from fees, compared to May's $964.24 million, with $64.85 million from fees.
As of Saturday, June 29, the hashprice was $47.33, the lowest since May 1 when it fell below $45 per PH/s. This revenue decline has pressured miners, causing the total network <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">hashrate</a> to drop to just below 560 EH/s. This indicates a departure of about 100 EH/s, or approximately 96 EH/s, since the end of May.
Miners have benefited from two minor difficulty adjustments, ranging from 0.79% to 0.05% over the past two recalculations. As the hashrate continues to fall and block intervals exceed the 10-minute mark, forecasts suggest a potential difficulty reduction of between 4.6% and 7.3%.
With recent Bitcoin price drops and declining hashprice, miners are facing heightened challenges amidst fluctuating revenues. Despite a slight improvement in fee income in June, the persistent decrease in hashprice has led to a significant reduction in the network's total hashrate.&nbsp;

Falling Bitcoin Hashprice and Revenues Trigger Major Miner Exodus

Ultramining_Eng

Other articles published on Jun 30, 2024

MoonBag Scalability: Scaling to New Heights with a 10x Vision According to Analyst, While Celesti...

Meme Coins Experience Significant Decline

MoonBag Price Skyrockets While Brett and Celestia Struggle: Why It’s Time to Invest In MBAG Presale

Move Over XRP and ADA! Here’s Why CYBRO is Dominating the Crypto Scene

Trump the Felon Memecoin Will Explode 18,000% Ahead of KuCoin Listing, as Shiba Inu, Bonk and DOG...

Spot Bitcoin ETFs See $31M Inflows, Reversing Seven-Day Outflow Trend

Join our free newsletter for daily crypto updates!