2024

Bitcoin

In September 2024, Bitcoin mining profitability hit a historic low according to a report from JPMorgan. The decline is attributed to falling Bitcoin prices and a simultaneous increase in the network <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">hashrate</a>. In the first two weeks of September, the hashrate increased by 4%, returning to pre-<a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/" rel="noopener noreferrer nofollow">halving</a> levels, which significantly raised competition among miners.
The "hash price" fell by 50% compared to pre-halving levels — a key metric for miners' daily profitability. This decline in profitability has put significant pressure on <a href="https://ultramining.com/news/en/blockstream-aims-for-bitcoin-profit-with-mining-rig-investment-ahead-of-2024-halving/" rel="noopener noreferrer nofollow">mining companies</a> and may slow the network’s growth in the short term.

Bitcoin Mining Profitability Hits Record Low in September 2024

Ultramining_Eng

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