April

As the bitcoin <a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/">halving</a> event approaches, a significant drop in bitcoin's <a href="https://ultramining.com/news/en/bitcoins-rebound-above-30k-boosts-hashprice-a-4-leap-in-24-hours/">hashprice</a> poses a looming threat to the profitability of mining operations. Recent data from <a href="https://ultramining.com/news/en/luxor-innovates-with-extended-contracts-and-daily-settlements-for-enhanced-bitcoin-mining/">Luxor</a> highlights this downward trend, with hashprice, which measures revenue per PH/s of computing power, falling to around $76.5/PH/s. This decline follows a 20% price correction in bitcoin after it peaked at $49,000 on January 11, according to <a href="https://bits.media/bitriver-sdelala-prognoz-sebestoimost-mayninga-bitkoina-posle-khalvinga/"></a><a href="https://theminermag.com/news/2024-01-23/bitcoin-hashprice-halving-hashcost/">TheMinerMag</a>. 
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 <img src="https://lh7-us.googleusercontent.com/4gJU_zhp9bzNpv70DKhdMUariBVZku0lG4SgdgpAxTQSw5vK4E2khItQXeHEW78j6SQyLju7KlPYC3p55p4Th4iXC6xZU_vSko_YH62bCFvgd_u0ZQtIwsDiO16TUAiItCAxj24YpoZiRuUozNTmdB4" alt="">
</figure> 
The hashprice drop is critical as TheMinerMag’s data reveals that the median fleet hashcost for 17 North American <a href="https://ultramining.com/news/en/blockstream-aims-for-bitcoin-profit-with-mining-rig-investment-ahead-of-2024-halving/">mining companies</a> was approximately $40/PH/s in Q3. This rate is crucial for these companies to break even and earn gross profits. Should the hashprice stay at $80/PH/s before April 22, the estimated halving date, it is set to halve to $40/PH/s the following day, potentially leading to gross losses for many miners. 
This scenario is particularly alarming for <a href="https://ultramining.com/en/manufacturers/bitmain/">Bitmain</a>, the largest miner manufacturer worldwide, which self-mines and operates cloud mining through <a href="https://af.bitfufu.com/QRdO/cwhbatz1">BitFuFu</a>. Bitmain's substantial mining capacity, including 4.1 EH/s of S19jXPs and 15.1 EH/s of S19XPs, requires a hashprice of $39.6/PH/s to break even, given their <a href="https://ultramining.com/news/en/minnesota-man-faces-accusations-of-electricity-theft-for-bitcoin-mining/">electricity</a> rates and efficiency. 
Bitcoin’s network <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/">hashrate</a> recently rebounded to 520 EH/s, recovering from a dip due to power curtailments in <a href="https://ultramining.com/news/en/texas-residents-challenge-bitcoin-mining-industrys-impact-on-power-grid-and-communities/">Texas</a> during a cold outbreak. This recovery is a positive sign, but the impending halving and hashprice dynamics present a challenging landscape for miners. They now face the task of significantly improving fleet efficiencies to remain profitable post-halving.

Bitcoin’s Critical Hashprice Decline Threatens Post-Halving Profitability

Ultramining_Eng

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